Affinia Group anticipated to launch $315 million ABL revolver shortly

By Sara Rosenberg

New York, Aug. 3 - Affinia Group Inc. is expected to hold a bank meeting later this week or early next week to launch its proposed $315 million ABL revolving credit facility, according to a market source.

Bank of America, Barclays, Wells Fargo, JPMorgan and Deutsche Bank are the lead banks on the deal.

The revolver is talked at Libor plus 400 basis points with an undrawn fee that can range from 75 bps to 100 bps, the source said.

Security is a first-lien on all current assets and a second-lien on everything else.

Proceeds from the revolver, along with proceeds from a $225 million senior secured notes offering, will be used to refinance the company's existing term loan, revolver and accounts receivable securitization facility.

Affinia is an Ann Arbor, Mich.-based on- and off-highway replacement products and services company.

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