AIT Worldwide flexes $415 million term loan to Libor plus 475 bps

By Sara Rosenberg

New York, April 1 – AIT Worldwide Logistics increased pricing on its $415 million seven-year first-lien term loan (B2/B) to Libor plus 475 basis points from talk in the range of Libor plus 425 bps to 450 bps and removed a 25 bps step-down at 4.25x first-lien net leverage, according to a market source.

Additionally, the Libor floor on the term loan was changed to 0.75% from 0.5%, the original issue discount widened to 98 from 99 and some revisions were made to documentation, the source said.

The first-lien term loan still has 101 soft call protection for six months and amortization of 1% per annum.

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.

Recommitments were scheduled to be due at 12:30 p.m. ET on Thursday, 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.

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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