Smart Start reveals first- and second-lien term loan price talk

By Sara Rosenberg

New York, Nov. 30 – Smart Start (Global IID Parent LLC) announced price talk on its $385 million seven-year first-lien term loan (B-) and $80 million eight-year second-lien term loan (CCC) in connection with its lender call on Tuesday, according to a market source.

Price talk on the first-lien term loan is Libor plus 425 basis points to 450 bps with a 0.5% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 750 bps to 775 bps with a 0.5% Libor floor and a discount of 98, the source said.

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

The company’s $505 million of credit facilities also include a $40 million five-year revolver (B-).

Jefferies LLC, BNP Paribas Securities Corp., Barclays and RBC Capital Markets are the bookrunners on the deal.

Commitments are due at noon ET on Dec. 10.

Proceeds will be used to help fund the buyout of the company by Apollo.

Closing is expected this year, subject to customary conditions.

Smart Start is a Grapevine, Tex.-based provider of alcohol monitoring programs utilizing ignition interlock devices, vehicle breathalyzers mandated by government entities to DUI offenders in order to maintain licensure.

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