Circor launches $492 million term loan B at Libor plus 275-300 bps

By Sara Rosenberg

New York, Feb. 11 – Circor International Inc. launched on Tuesday its $492 million term loan B with price talk of Libor plus 275 basis points to 300 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

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

Commitments are due on Feb. 19, the source said.

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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