CAMP tightens first- and second-lien term loan spreads and OIDs

By Sara Rosenberg

New York, Aug. 11 – CAMP International Holding Co. reduced pricing on its $529 million seven-year first-lien term loan (B2/B-) to Libor plus 375 basis points from Libor plus 425 bps and on its $188 million eight-year second-lien term loan (Caa2/CCC) to Libor plus 725 bps from Libor plus 850 bps, according to a market source.

Also, the original issue discount on the first-lien term loan was revised to 99.5 from 99, and the discount on the second-lien term loan was changed to 99.5 from 98, the source said.

Both term loans still have a 1% Libor floor, the first-lien term loan still has 101 soft call protection for six months, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.

The company’s $757 million senior secured credit facility also provides for a $40 million five-year revolver (B2/B-).

Recommitments were due at noon ET on Thursday, the source added.

UBS Investment Bank is the lead on the deal.

Proceeds will be used to refinance the company’s existing holdco facility.

CAMP is a Merrimack, N.H.-based provider of aircraft maintenance tracking software and information services to business aviation.

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