Protective Industrial Products preps launch of $435M term loan for buyout

An Antares Capital-led arranger group has scheduled a lender call for 1:30 p.m. ET on Jan. 7 to launch $510 million of senior secured credit facilities to back the acquisition of Protective Industrial Products Inc. (PIP) by Odyssey Investment Partners, according to sources.

The financing includes a $435 million, seven-year covenant-lite first-lien term loan and a $75 million, five-year revolver. A $160 million second-lien term loan is being privately placed as part of the transaction.

Citizens Bank and Bank of Ireland are joint lead arrangers on the deal.

Odyssey announced in December that it was acquiring PIP from Audax Private Equity, which first invested in the business in 2018.

Protective Industrial Products, based in Latham, N.Y., is a provider of essential, consumable, and high-performance industrial hand protection products in North America.