Affinia sets Tuesday bank meeting for $670 million of term loans

By Paul A. Harris

Portland, Ore., April 1 - A bank meeting is set for 10 a.m. ET on Tuesday to discuss the proposed Affinia Group Inc. $670 million two-part offering of term loans, according to a market source.

The deal is comprised of a $200 million three-year term loan B-1, with pricing at Libor plus 325 basis points and a 0.75% Libor. The B-1 loan is talked at 99.5 and features a six-month soft call.

The long-maturity tranche is a $470 million seven-year term loan B-2, with pricing at Libor plus 400 bps and a 1.25% Libor floor. The B-2 is talked at 99 and features a 12-month soft call.

J.P. Morgan Securities LLC is leading the deal.

Credit ratings remain to be determined.

Proceeds will be used to refinance existing debt, to redeem preferred shares and to fund a dividend to shareholders.

Affinia Group is an Ann Arbor, Mich.-based designer, manufacturer, distributor and marketer of industrial-grade products and services.

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