Dexter Axle tightens OID on $80 million add-on term loan to 99.75

By Sara Rosenberg

New York, Sept. 23 – Dexter Axle modified the original issue discount on its $80 million add-on term loan (B1/B+) to 99.75 from 99.5, according to a market source.

Pricing on the add-on loan is Libor plus 525 basis points with a 1% Libor floor, which matches existing term loan pricing.

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

Recommitments are due at noon ET on Monday, the source said.

Proceeds will be used to fund an acquisition.

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

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