Consolidated Precision upsizes add-on first-lien loan to $80 million

By Sara Rosenberg

New York, June 19 – Consolidated Precision Products Corp. (WPP CPP Holdings LLC) lifted its new money add-on first-lien term loan due 2019 to $80 million from $65 million and trimmed its second-lien term loan due 2021 to $118 million from $133 million, according to a market source.

Also, pricing on the add-on first-lien term loan, as well as on a $529 million first-lien term loan due 2019, firmed at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, the source said.

Pricing on the second-lien term loan remained at Libor plus 775 bps with a 1% Libor floor.

The first-lien term loans still have a 1% Libor floor, the add-on term loan still has an original issue discount of 99.5, and the first- and second-lien term loans are still offered at par.

As before, the first-lien term loan debt will get 101 soft call protection for six months, and the second-lien term loan will have 101 hard call protection through October 2015.

UBS AG is the lead on the $727 million in term loans.

Proceeds will be used to reprice existing debt and repay some second-lien term loan borrowings.

Consolidated Precision Products is a Cleveland-based manufacturer of highly engineered components and subassemblies primarily for the commercial aerospace and defense markets.

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