Article
Primary: BradyPLUS Launches $2.8B First Lien Term Loan B Due 2032 to Refinance Existing $2.527B Privately-Placed Term Loan, Refinance ABL Draws Relating to Imperial Dade Merger
| Company: | BradyPLUS (the “Company”) |
| Borrower: | BradyPLUS Holdings, LLC (the “Borrower”) |
| Business: | BradyPLUS is a leading distributor and solutions provider focused on JanSan, foodservice, and industrial packaging products |
| Corporate Ratings (M/S): | To be announced |
| Facility Ratings (M/S): | To be announced |
| UoP: | Refinance existing $2,527MM Privately-Placed Term Loan, refinance ABL draws, fund transaction related fees and expenses and cash to balance sheet |
| Facility: | $2,800MM First Lien Term Loan B |
| Maturity: | December 2032, subject to springing maturity to the earlier of December 11, 2030 or 180 days before Imperial Dade 2L maturity, if certain Imperial Dade loans are not repaid, extended, or refinanced; springing maturity applies post-BradyPLUS/Imperial Dade merger |
| Merger Mechanics: | Upon consummation of the previously announced merger with Imperial Dade, lenders to BradyPLUS will cashlessly exchange or otherwise be moved under the Imperial Dade credit group on a fully pari passu basis |
| Pricing: | S+325-350 / 0.00% Floor @ 99.50 |
| Call Protection: | 101 soft call for 6 months |
| Admin Agent: | J.P. Morgan |
| Lead Left Arranger and Bookrunner: | J.P. Morgan |
| Other Lead Arrangers and Bookrunners: | BofA, BMO, GS, Jefferies, UBS, WFS, Santander, Citizens, Mizuho, MUFG, TDS and US Bank |
| Timing: | Lender Call: Monday 12/1 @ 1:00PM ET Commitment Deadline: Thursday 12/11 @ 12:00PM ET |
Octus reported on Sept. 16 that JPMorgan was preparing to launch a $2.9 billion leveraged loan financing food packaging supplier Imperial Dade’s merger with BradyPlus.
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