KITO Crosby flexes $1 billion term loan to SOFR plus 400 bps

By Sara Rosenberg

New York, Feb. 9 – KITO Crosby (Crosby US Acquisition Corp.) reduced pricing on its $1 billion 5.5-year first-lien term loan to SOFR plus 400 basis points from talk in the range of SOFR plus 425 bps to 450 bps, according to a market source.

Also, a 25 bps pricing step-down was added to the term loan at 0.5x inside closing net leverage and the original issue discount was tightened to 99.5 from 99, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

The company’s $1.12 billion of credit facilities (B2/B) 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 noon ET on Monday, revised from a previously accelerated deadline of 5 p.m. ET on Friday and an initial deadline of 5 p.m. ET on Monday, 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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