All My Sons ups spread on $290 million loan to Libor plus 500 bps

By Sara Rosenberg

New York, Oct. 19 – All My Sons increased pricing on its $290 million first-lien term loan (B2/B-) to Libor plus 500 basis points from Libor plus 425 bps, according to a market source.

Also, the original issue discount on the first-lien term loan firmed at 99, the wide end of the 99 to 99.5 talk, the source said.

In addition, the restricted payments, investments and incremental debt baskets were tightened, the MFN was changed to 50 bps, no sunset, with carve-outs removed, caps on add-backs were added, and the company is now required to hold annual calls and quarterly management discussion and analysis.

The first-lien term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Recommitments were scheduled to be due at noon ET on Tuesday, the source added.

The company’s $455 million of senior secured credit facilities also include a $50 million revolver (B2/B-) and a $115 million privately placed second-lien term loan.

Antares Capital and Golub Capital are the leads on the deal.

Proceeds will be used to support a recapitalization of the company by Golden Gate Capital in partnership with the founder and management team.

All My Sons is a Carrollton, Tex.-based provider of residential moving and related services.

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