KITO Crosby launches $1 billion term loan at SOFR plus 425-450 bps

By Sara Rosenberg

New York, Feb. 1 – KITO Crosby (Crosby US Acquisition Corp.) was scheduled to hold a lender call at 2 p.m. ET on Thursday to launch a $1 billion 5.5-year first-lien term loan that is talked at SOFR plus 425 basis points to 450 bps with a 0.5% 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.

The company’s $1.12 billion of credit facilities also include a $120 million five-year revolver.

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

Commitments are due at 5 p.m. ET on Feb. 12, the source added.

Proceeds will be used to refinance the company’s existing capital structure.

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

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