Circor flexes $492 million term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 21 – Circor International Inc. increased pricing on its $492 million term loan B (B) to Libor plus 325 basis points from talk in the range of Libor plus 275 bps to 300 bps and added a 25 bps step-down upon an upgrade of the corporate family rating to B1 from Moody’s Investors Service, according to a market source.

As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Citizens Bank is the lead arranger on the deal. Deutsche Bank Securities Inc. is the administrative agent.

Proceeds will be used to reprice an existing term loan B down from Libor plus 350 bps with a 1% Libor floor.

Circor is a Burlington, Mass.-based designer, manufacturer and marketer of highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense.

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