Dayco Products firms $470 million term loan B at Libor plus 425 bps

By Sara Rosenberg

New York, June 12 – Dayco Products LLC set pricing on its $470 million covenant-light term loan B (B2/B) due May 19, 2023 at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Bank of America Merrill Lynch is the lead arranger on the deal.

Allocations are expected on Wednesday.

Proceeds will be used to refinance an existing term loan B.

Dayco is a Troy, Mich.-based manufacturer of highly engineered engine management systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.