PSSI completes $1.055B term loan for refinancing; terms

Accounts have received allocations of PSSI's $1.055 billion, seven-year first-lien term loan that priced at L+325, with a 0.75% Libor floor and an original issue discount of 99.5 via a Jefferies-led arranger group, according to sources. The term loan is subject to two 25-basis-point leveraged-based step-downs and a 25-basis-point margin step-down upon a qualified IPO. Proceeds from the transaction will be used to refinance the issuer's existing covenant-lite first-lien term loan due December 2024 and its revolver. Financing will also include a $54 million, five-year revolving credit facility. The borrower is Packers Holdings LLC. Kieler, Wis.-based Packer's Sanitation Services Inc. Ltd., or PSSI, provides food safety and contract sanitation services to the food-processing industry. The company is backed by The Blackstone Group. Terms: