Toledo Molding launches $180 million first-lien term loan to investors

By Sara Rosenberg

New York, July 10 – Toledo Molding & Die Inc. held a bank meeting at 1:30 p.m. ET on Monday to launch a $180 million seven-year senior secured first-lien term loan B, according to a market source.

BMO Capital Markets is the lead arranger and bookrunner on the deal.

Price talk on the term loan is Libor plus 500 basis points to 525 bps with a 1% Libor floor and an original issue discount of 99, the source said.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a maximum total net leverage ratio with step-downs.

The company is also getting a $40 million ABL revolver that is being held by BMO Harris Bank.

Proceeds will be used to help fund the buyout of the company by Monomoy Capital Partners.

Toledo Molding is a Toledo, Ohio-based full-service automotive supplier of highly engineered thermoplastic components and assemblies for interiors, air induction systems, HVAC, fluid reservoirs, and functional plastics.

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