Affinia trims pricing, tightens discounts on term loans B-1 and B-2

By Sara Rosenberg

New York, April 11 - Affinia Group Inc. reduced pricing on its $200 million three-year term loan B-1 to Libor plus 275 basis points from Libor plus 325 bps and on its $470 million seven-year term loan B-2 talked to Libor plus 350 bps from Libor plus 400 bps, according to a market source.

Also, the original issue discount on the B-1 loan was revised to 99¾ from 99½ and the discount on the B-2 loan was changed to 99½ from 99, the source said.

As before, the term loan B-1 has a 0.75% Libor floor and 101 soft call protection for six months, and the term loan B-2 has a 1.25% Libor floor and 101 soft call protection for one year.

Recommitments for the $670 million of new term loans (B2/B) were due at noon ET on Thursday, the source added.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays and Deutsche Bank Securities Inc. are the lead banks on the deal.

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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