Michael Baker launches $300 million term loan B at Libor plus 500 bps

By Sara Rosenberg

New York, Oct. 18 – Michael Baker International launched on Monday its $300 million seven-year first-lien term loan B (B2/B) with price talk of Libor plus 500 basis points with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

UBS Investment Bank is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Oct. 29, the source added.

The company is also getting an $80 million five-year ABL revolver.

Proceeds will be used to refinance the company’s existing capital structure, including $250 million of senior notes due 2023.

Michael Baker, a portfolio company of DC Capital Partners, is a Pittsburgh-based provider of engineering and consulting services, focused on complex infrastructure challenges.

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