Custom Truck talks $50 million incremental term B at 100.5-101 price

By Sara Rosenberg

New York, Oct. 16 – Custom Truck One Source (CTOS LLC) launched on Tuesday its fungible $50 million incremental covenant-light term loan B due April 18, 2023 with issue price talk of 100.5 to 101, according to a market source.

Pricing on the incremental loan is Libor plus 550 basis points with a 1% Libor floor, and the debt has call protection of 102 until April 2019 and par thereafter, the source said.

Amortization on the loan is 1% per annum.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and RBC Capital Markets are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used for general corporate purposes, including investments in rental fleets and potential acquisitions.

Custom Truck One Source, formerly known as Utility One Source, is a Kansas City, Mo.-based provider of specialized truck and heavy equipment solutions.

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