Safe Fleet finalizes terms on $595 million first-lien term loan

By Paul A. Harris

Portland, Ore., Feb. 17 – Safe Fleet finalized its $595 million seven-year first-lien term loan (B2/B-) with a spread of SOFR+CSA plus 375 basis points, with a 0.5% floor.

Spread talk was SOFR+CSA plus 375 bps to 400 bps.

The deal priced at 99.5, on top of price talk.

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.

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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