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SRAM upsizes loan to $715 million, tightens talk to Libor plus 300 bps
By Paul A. Harris
Portland, Ore., April 3 - SRAM LLC upsized its term loan B due 2020 (B1/BB-) to $715 million from $675 million, a market source said on Wednesday.
The Libor spread tightened to 300 basis points from 325 bps.
The original issue discount remains unchanged at 99.5.
The 1% Libor floor also remains unchanged.
The term loan has 101 soft call protection for one year, the source said.
The loan is expected to price and allocate on Thursday.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance an existing first-lien term loan and a portion of a second-lien term loan.
SRAM is a Chicago-based bicycle components company.
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