Ultra Electronics sets talk on $855 million, €475 million term loans

By Sara Rosenberg

New York, Nov. 3 – Ultra Electronics came out with price talk on its $855 million seven-year term loan B and a €475 million seven-year term loan B with its lender call on Wednesday, according to a market source.

The U.S. term loan is talked at Libor plus 375 basis points to 400 bps with a 0.5% Libor floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 375 bps to 400 bps with a 0% floor and a discount of 99.5, the source said.

Both term loans (B1/B-) have 101 soft call protection for six months.

Barclays is the physical bookrunner on the U.S. term loan. Barclays, BNP Paribas Securities Corp., Credit Suisse and HSBC are physical bookrunners on the euro term loan. Goldman Sachs, Jefferies LLC, Lloyds, Morgan Stanley Senior Funding Inc., NatWest, RBC Capital Markets, SMBC and UniCredit are mandated lead arrangers. Credit Suisse is the administrative agent.

Commitments are due at noon ET on Nov. 16.

Proceeds will be used to help fund the acquisition of the company by Advent, refinance existing debt and pay transaction fees and expenses.

Ultra Electronics is a London-based manufacturer of electronic and electromechanical systems, sub-systems, and products for defense, security and aerospace applications.

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