Liquid Tech increases add-on term loan amount to $75 million

By Sara Rosenberg

New York, Dec. 13 – Liquid Tech Solutions LLC upsized its fungible add-on covenant-lite first-lien term loan due March 19, 2028 to $75 million from $65 million, according to a market source.

Pricing on the add-on term loan is Libor plus 475 basis points with a 0.75% Libor floor, in line with existing term loan pricing, and the new debt has an original issue discount of 99.5.

Citizens Bank is the lead on the deal.

Recommitments were scheduled to be due at 2:30 p.m. ET on Monday, the source added.

Proceeds will be used to fund an acquisition and, due to the upsizing, to add cash to the balance sheet.

Lindsay Goldberg is the sponsor.

Liquid Tech is a tech-enabled provider of route-based, on-site mobile refueling solutions.

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