Dexter Axle launches $80 million add-on term loan to investors

By Sara Rosenberg

New York, Sept. 8 – Dexter Axle held a lender call on Thursday to launch an $80 million add-on term loan that is talked at Libor plus 525 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The spread and floor on the add-on loan matches existing term loan pricing, the source said.

BNP Paribas Securities Corp. is the lead on the deal.

Proceeds will be used to fund an acquisition.

Commitments are due in two weeks, the source added.

Dexter Axle is an Elkhart, Ind.-based designer and manufacturer of trailer axles, brakes and related components.

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