Tue 12/22/2020 13:06 PM
Tradesmen International reached an agreement last week with lenders to its $400 million first lien term loan due February 2024 to waive the 8x net first lien leverage covenant through June 2022 in exchange for a 50-bps fee, according to sources. The amendment included the addition of a minimum liquidity covenant of $15 million, they added.
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The term loan was quoted Monday at 87.78 at the midpoint, compared with the low 80s at the midpoint in mid-November, according to a trading desk.
Tradesmen and sponsor Blackstone did not immediately respond to requests for comment.
--Harvard Zhang, Millie Dent
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