AIT Worldwide talks $210 million incremental term loan at 99-99.5 OID

By Sara Rosenberg

New York, Nov. 30 – AIT Worldwide Logistics launched on Tuesday its fungible $210 million incremental first-lien term loan due April 6, 2028 with original issue discount talk of 99 to 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 475 basis points with a 0.75% Libor floor, which matches existing term loan pricing.

Amortization on the incremental term loan is 1% per annum.

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

Commitments are due at noon ET on Dec. 9, the source added.

Proceeds will be used to fund the purchase price of Select Express, pay down revolving credit facility borrowings, and pay transaction fees and expenses.

Closing is expected on Dec. 17.

The Jordan Co. is the sponsor.

AIT is an Itasca, Ill.-based provider of end-to-end supply chain services, with a focus on providing logistics solutions for customers with complex supply chain needs and highly specialized, hard-to-transport freight. Select Express is a New York-based final mile third-party logistics solutions provider.

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