Safe Fleet sets discount on $65 million term loan B-2 at 97.25

By Sara Rosenberg

New York, Nov. 28 – Safe Fleet Holdings LLC firmed the original issue discount on its $65 million senior secured first-lien term loan B-2 (B2/B-) due Feb. 1, 2025 at 97.25, the midpoint of revised talk in the range of 97 to 97.5 and wide of initial talk of 98.6, according to a market source.

Pricing on the term loan is Libor plus 375 basis points with a 1% Libor floor.

The term loan has 101 soft call protection for six months.

On Tuesday, pricing on the term loan was increased from Libor plus 300 bps with a step-down to Libor plus 275 bps at 6.25 times net total leverage, the call protection was added, and the debt was changed to a stand-alone tranche from a fungible add-on term loan.

Goldman Sachs Bank USA and UBS Investment Bank are the leads on the deal.

Proceeds will be used for mergers and acquisitions.

Closing is expected on Friday, the source added.

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

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