Safe Fleet launches $595 million term loan at SOFR plus 375-400 bps

By Sara Rosenberg

New York, Feb. 9 – Safe Fleet launched on Wednesday its $595 million seven-year first-lien term loan (B2/B-) with price talk of SOFR+CSA plus 375 basis points to 400 bps with a 0.5% floor and an original issue discount of 99.5, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA, UBS Investment Bank and MUFG are the lead arrangers on the deal.

Commitments are due on Feb. 17, the source added.

Proceeds will be used to refinance existing first-lien debt, fund an acquisition, and pay transaction fees and expenses.

Oak Hill is the sponsor.

Safe Fleet is a Belton, Mo.-based provider of safety and productivity products for fleet vehicles and first responders.

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