Affinia amends loan to change leverage ratio, up term B pricing

By Sara Rosenberg

New York, Dec. 15 - Affinia Group Inc. amended its credit facility, gaining room under its leverage ratio and increasing term loan B pricing by 50 basis points, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The leverage ratio was changed to 5.50 to 1 through June 30, 2006, 5.25 to 1 from July 1, 2006 to March 31, 2007, 5.00 to 1 from April 1, 2007 to June 30, 2007, 4.50 to 1 from July 1, 2007 to Sept. 30, 2007, 4.25 to 1 from Oct. 1, 2007 to Dec. 31, 2007, 4.00 to 1 from Jan. 1, 2008 to Sept. 30, 2008 and 3.75 to 1 from Oct. 1, 2008 to Dec. 30, 2008.

Pricing on the term loan B will decrease 25 basis points once the company' leverage ratio is less than 3.50 times.

In addition, under the amendment, a prepayment premium was added to the term loan B tranche for the next two years.

Lenders were paid a 25 bps amendment fee for consents.

The amendment was completed on Dec. 12.

JPMorgan is the administrative agent on the deal.

Affinia Group is an Ann Arbor, Mich.-based producer of automotive replacement products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.