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Airxcel revises first- and second-lien term loan sizes, pricing
By Sara Rosenberg
New York, April 25 – Airxcel Inc. (AirX Holdings Inc.) increased its seven-year senior secured first-lien term loan to $370 million from $360 million and decreased its eight-year senior secured second-lien term loan to $110 million from $120 million, according to a market source.
Additionally, pricing on the first-lien term loan was raised to Libor plus 450 basis points from Libor plus 400 bps and pricing on the second-lien term loan was changed to Libor plus 875 bps from Libor plus 800 bps, the source said.
Also, the original issue discount on the first-lien term loan was modified to 99 from 99.5 and the discount on the second-lien term loan widened to 96.5 from 99.
Furthermore, the 101 soft call protection on the first-lien term loan was extended to one year from six months, and the hard call protection on the second-lien term loan was changed to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two.
And, the second-lien IPO step-down was removed, the source continued.
There were also various other lender-friendly documentation changes made to the transaction.
Both term loans still have a 0% Libor floor.
The company’s $540 million of credit facilities also provide for a $60 million five-year ABL revolver.
Jefferies LLC, Morgan Stanley and Citizens Bank are the leads on the deal, with Jefferies left on the first-lien and Morgan Stanley left on the second-lien.
Recommitments were scheduled to be due at noon ET on Wednesday, the source added.
Proceeds will be used to help fund the buyout of the company by L Catterton from One Rock Capital Partners LLC.
Airxcel is a Wichita, Kan.-based producer and distributor of heating, ventilating, air conditioning, appliance and a variety of composite and soft good products serving specialty markets.
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