SRAM launches $570 million term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 24 – SRAM LLC held a lender call on Friday to launch a $570 million term loan B (B2/B) due 2024 with price talk of Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing term loan due 2020 that is priced at Libor plus 300 bps with a 1% Libor floor.

SRAM is a Chicago-based bicycle components company.

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