AIT Worldwide talks $415 million term loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, March 18 – AIT Worldwide Logistics launched on Thursday its $415 million seven-year first-lien term loan (B2/B) with price talk of Libor plus 425 basis points to 450 bps with a 25 bps step-down at 4.25x first-lien net leverage, a 0.5% Libor floor and an original issue discount of 99, according to a market source.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp. and Citizens Bank are the leads on the deal.

Commitments are due at 5 p.m. ET on March 30, the source added.

The company is also getting a $125 million privately placed second-lien term loan.

Proceeds will be used to help fund the buyout of the company by the Jordan Co. from Quad-C Management Inc.

Closing is expected at the end of March, subject to customary closing conditions and completion of review under antitrust laws.

AIT Worldwide is an Itasca, Ill.-based non-asset based third party logistics platform, providing an integrated suite of global, end-to-end supply chain services.

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