Service Logic launches $140 million of term loans at 99 OID

By Sara Rosenberg

New York, Feb. 26 – Service Logic launched on Wednesday its $40 million incremental term loan and $100 million delayed-draw term loan with original issue discount talk of 99, according to a market source.

Pricing on the term loan debt is Libor plus 425 basis points with a 25 bps step-down at 3.75x net first-lien leverage and a 25 bps step-down at 3.25x net first-lien leverage, and a 1% Libor floor.

The delayed-draw term loan has an unused fee of 100 bps after 60 days and is available for 18 months, the source said.

Antares Capital is the lead on the deal.

Commitments are due on March 11, the source added.

Proceeds will be used to finance acquisitions.

Service Logic, a Warburg Pincus portfolio company, is a Charlotte, N.C.-based provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, chilled water systems and building automation and controls systems.

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