Bad Boy Mowers completes $250M term loan B; terms

Investors on March 10 received allocations of Bad Boy Mowers' $250 million, seven-year term loan B (L+450, 0.75% Libor floor), which priced with an original issue discount of 99.75 for all lenders, sources said. BNP Paribas acted as sole lead arranger and is administrative agent on the transaction, which launched with price talk at L+450-475, with a 0.75% floor and 99 OID for new money lenders and 99.5 OID for existing lenders. The TLB includes a 25 basis point step-down that is covered by a secured net leverage covenant. Proceeds will be used to refinance the existing TLB and mezzanine debt. The transaction also includes a $40 million revolver. In 2019, Bad Boy obtained a $205 million, six-year term loan B (L+575, 1% floor) in connection with the company's buyout by The Sterling Group. That transaction also included a $40 million, five-year revolver. Bad Boy, based in Batesville, Ark., manufactures high-performance zero-turn riding lawn mowers.