LaserShip reveals price talk on first- and second-lien term loans

By Sara Rosenberg

New York, April 20 – LaserShip (ASP LS Acquisition Corp.) released price talk on its $675 million seven-year first-lien term loan and $205 million eight-year second-lien term loan in connection with its lender call on Tuesday, according to a market source.

Talk on the first-lien term loan is Libor plus 425 basis points to 450 bps with two leverage-based step-downs and a 25 bps step-down following an initial public offering, a 0.75% Libor floor and an original issue discount of 99, the source said.

The second-lien term loan is talked at Libor plus 750 bps to 775 bps with a 25 bps step-down following an initial public offering, a 0.75% Libor floor and a discount of 98.5.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $955 million of senior secured credit facilities also provide for a $75 million five-year revolver.

Jefferies LLC, RBC Capital Markets, UBS Investment Bank, Goldman Sachs Bank USA and Natixis are the lead arrangers on the deal.

Commitments are due at 11 a.m. ET on April 30, the source added.

Proceeds will be used to help fund the buyout of the company by American Securities LLC.

LaserShip is a regional last mile parcel delivery provider in the eastern U.S. with a focus on business to consumer deliveries for e-commerce retailers.

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