Carlisle FoodService sets talk on first-lien term debt with launch

By Sara Rosenberg

New York, March 7 – Carlisle FoodService Products released price talk on its $320 million seven-year first-lien term loan (B2/B) and $75 million delayed-draw first-lien term loan (B2/B) in connection with its bank meeting on Wednesday, according to a market source.

Talk on the first-lien term loan debt is Libor plus 325 basis points to 350 bps with a 25 bps step-down at 0.5 times first-lien net leverage reduction, a 1% Libor floor and an original issue discount of 99.5, the source said.

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

The company’s $550 million of senior secured credit facilities also include a $50 million revolver (B2/B) and a $105 million privately-placed second-lien term loan.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and Jefferies LLC are the leads on the deal.

Commitments are due on March 21, the source added.

Proceeds will be used to help fund the buyout of the company by Jordan Co. from Carlisle Cos. Inc. for $750 million in cash, subject to some adjustments.

Other funds for the transaction will come from equity.

Closing is expected this quarter, conditioned on regulatory clearances and customary conditions.

Carlisle FoodService Products is a manufacturer and marketer of professional-grade solutions for the restaurant, hospitality, healthcare and janitorial segments.

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