MAG Aerospace wraps $290.7 million term loan at Libor plus 550 bps

By Sara Rosenberg

New York, Sept. 22 – MAG Aerospace (MAG DS Corp.) completed syndication of its $290.7 million covenant-lite first-lien term loan (B3/B) due April 2027 at pricing of Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 95, wide of initial talk of Libor plus 525 bps with a 1% Libor floor and a discount of 97, according to a market source.

The term loan has 101 soft call protection for one year, which was extended from six months, the source said.

Citizens Bank, RBC Capital Markets and Regions Bank are the lead arrangers on the deal. Citizens is the administrative agent.

Allocations went out on Monday afternoon, the source added.

Proceeds will be used to support the acquisitions of Aaski Technology and Remotely Piloted Solutions LLC, and to refinance existing debt.

New Mountain Capital is the sponsor.

MAG is a Fairfax, Va.-based provider of “tip-to-tail” manned and unmanned aerial intelligence, surveillance and reconnaissance services.

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