Doosan sets $1.35 billion loan at Libor plus 275 bps, tightens OID

By Sara Rosenberg

New York, May 11 – Doosan Bobcat Inc. (Clark Equipment Co.) firmed pricing on its $1,345,000,000 term loan (B1/BB-) at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, and added a step-down to Libor plus 250 bps when corporate ratings are at least Ba3/BB-, according to a market source.

In addition, the original issue discount on the term loan was changed to 99.75 from 99.5, the source said.

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

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance existing term loans.

Doosan is a manufacturer of compact farm and construction equipment.

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