AIT Worldwide launches $50 million add-on term loan at 99.5 area OID

By Sara Rosenberg

New York, Aug. 4 – AIT Worldwide Logistics launched on Wednesday its fungible $50 million add-on first-lien term loan due April 6, 2028 with original issue discount talk in the 99.5 area, 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.

The add-on term loan has 101 soft call protection until Oct. 6, 2021 and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA is the lead arranger on the deal.

Commitments are due on Aug. 11, the source added.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.

The Jordan Co. is the sponsor.

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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