Cooper-Standard Automotive increases term loan to $750 million

By Sara Rosenberg

New York, March 27 - Cooper-Standard Automotive Inc. upsized its seven-year covenant-light term loan B (BB-) to $750 million from $725 million, according to a market source.

Pricing on the loan Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 991/2, and there is 101 soft call protection for one year.

Earlier in syndication, the spread on the term loan was reduced from Libor plus 350 bps and the call protection was extended from six months.

Commitments were due at noon ET on Thursday.

Allocations are expected around midday on Friday, the source said.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, J.P. Morgan Securities LLC and UBS Securities LLC are the bookrunners on the deal.

Proceeds will be used to refinance existing debt, including 8½% notes due 2018 and 7 3/8% PIK toggle notes due 2018, and due to the upsizing, for general corporate purposes, the source added.

Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.

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