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Yak Mat readies launch of $850 million of term loans for Wednesday
By Sara Rosenberg
New York, May 24 – Yak Mat LLC is set to hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch $850 million of term loans, according to a market source.
The debt consists of a $650 million first-lien term loan B due 2025 and a $200 million second-lien term loan due 2026, the source said.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Citigroup Global Markets Inc. and Nomura are the bookrunners on the deal, with JPMorgan the left lead on the first-lien loan and Bank of America the left lead on the second-lien loan.
Commitments are due on June 13, the source added.
Proceeds will be used to help fund Platinum Equity’s acquisition of a 50.1% stake in the company.
Yak Mat is an East Columbia, Miss.-based specialty equipment leasing and logistics company focused on temporary access solutions to remote construction sites and energy infrastructure.
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