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Electrical Components finalizes $50 million add-on term B at 99.75 OID
By Sara Rosenberg
New York, Aug. 5 – Electrical Components International Inc. firmed the original issue discount on its $50 million add-on term loan B due May 2021 at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.
Pricing on the add-on term loan matches existing term loan B pricing at Libor plus 475 basis points with a step-down to Libor plus 450 bps when total net leverage is less than 3.5 times and a 1% Libor floor.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to fund a dividend.
Electrical Components is a St. Louis-based manufacturer of wire harnesses and value-added assembly services for consumer appliance and specialty-industrial applications.
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