Savage Enterprises launches $960.25 million loan at Libor plus 400 bps

By Sara Rosenberg

New York, July 30 – Savage Enterprises LLC launched on Tuesday its $960.25 million first-lien term loan B due Aug. 1, 2025 with price talk of Libor plus 400 basis points with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 5% per annum through December 2021 and 1% per annum onwards, and a 5.25x net first-lien leverage covenant, the source said.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 450 bps with a 0% Libor floor.

Commitments are due at 5 p.m. ET on Aug. 6, the source added.

Savage is a Salt Lake City-based supply chain provider.

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