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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
BofA Securities, Others Provide PAE New Senior Secured Credit Facilities
Tuesday, October 20, 2020
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Lenders/Participants
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Bank of America Securities [Joint Lead Arranger, Joint Bookrunner]
Citizens Bank [Joint Lead Arranger, Joint Bookrunner]
Morgan Stanley Senior Funding [Joint Lead Arranger, Joint Bookrunner]
Stifel, Nicolaus & Company [Joint Lead Arranger, Joint Bookrunner]
Truist Securities [Joint Lead Arranger, Joint Bookrunner]
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Structure
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Senior Secured Credit Facilities
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Amount
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$1.065
Billion
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Borrower(s)
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PAE
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Description
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The credit agreements establish a $740 million term loan facility maturing in October 2027 priced at LIBOR plus a spread of 4.50%, a $150 million delayed draw term loan facility maturing in October 2027 priced at LIBOR plus a spread of 4.50%; and, a $175 million senior secured revolving credit facility maturing in October 2025 priced at LIBOR plus a spread of 1.75% to 2.25%. The loans under the credit agreements are secured by a first lien over substantially all of the company's assets as well as affirmative and negative covenants customary for transactions of this type, including limitations with respect to indebtedness, liens, investments, dividends, disposition of assets, change in business and transactions with affiliates. The company used the proceeds from the new credit agreement to repay the amounts outstanding under its existing first lien and second lien term loan facilities, with the remaining amounts to be used for general corporate purposes, potential mergers and acquisitions, and transaction fees and expenses.
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Industry
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Engineering
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| Related Tags |
Bank of America Securities, Citizens Bank, Morgan Stanley Senior Funding, Stifel Nicholaus & Co., Truist Securities
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ABL Advisor
Deal Tables
2024
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