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Commercial Vehicle shops $175 million term B at Libor plus 500 bps
By Sara Rosenberg
New York, March 17 – Commercial Vehicle Group Inc. is talking its in-market $175 million term loan B (B2/B) at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for one year, the source said.
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.
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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