Trac readies launch of $350 million second-lien term loan for Monday

By Sara Rosenberg

New York, Jan. 7 – Trac (Stonepeak Tarus Lower Holdings LLC) is set to hold a lender call at 11 a.m. ET on Monday to launch a $350 million eight-year second-lien term loan (Caa1/B+), according to a market source.

Credit Suisse Securities (USA) LLC is the lead on the deal.

The term loan has call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at 5 p.m. ET on Jan. 24.

Proceeds will be used to fund a distribution to the sponsor.

Trac is a marine chassis pool manager and equipment provider.

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