KITO Crosby finalizes $205 million incremental term loan at 99 OID

By Sara Rosenberg

New York, Oct. 31 – KITO Crosby (Crosby US Acquisition Corp.) firmed the original issue discount on its fungible $205 million incremental first-lien term loan due June 27, 2026 (B3/B) at 99, the tight end of the 98.5 to 99 talk, according to a market source.

Pricing on the term loan is SOFR plus 500 basis points with a 0.5% floor.

UBS Investment Bank, KKR Capital Markets, SMBC, Mizuho, ING and Morgan Stanley Senior Funding Inc. are the arrangers on the deal.

Proceeds will be used to repay the company’s existing second-lien term loans.

Pro forma for the transaction, the first-lien term loan will total $533.35 million.

KITO Crosby is a manufacturer and marketer of highly engineered equipment and solutions used in lifting, rigging, and custom material handling solutions.

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