Commercial Vehicle to launch $175 million term loan B on Thursday

By Sara Rosenberg

New York, March 13 – Commercial Vehicle Group Inc. is scheduled to hold a lender meeting at 10 a.m. ET on Thursday to launch a $175 million term loan B, according to a market source.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used with about $60 million of cash on the balance sheet to refinance $235 million of 7 7/8% notes due April 2019.

The refinancing is expected to close after the redemption premium on the notes steps down to zero in April.

In addition to the new term loan, the company intends to upsize its ABL facility to $65 million, a news release said.

Commercial Vehicle Group is a New Albany, Ohio-based supplier of cab-related products and systems for the commercial vehicle market.

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