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Dynacast cuts spread on add-on first-lien loan to Libor plus 325 bps
By Sara Rosenberg
New York, March 15 – Dynacast International reduced pricing on its $280 million add-on first-lien term loan to Libor plus 325 basis points from Libor plus 350 bps and set the issue price at par, the tight side of the 99.75 to par talk, according to a market source.
The add-on term loan still has a 1% Libor floor.
Also, with the flex, the company is now seeking a repricing of its existing first-lien term loan to Libor plus 325 bps with a 1% Libor floor from Libor plus 350 bps with a 1% Libor floor, the source said.
J.P. Morgan Securities LLC, Barclays and Macquarie Capital (USA) Inc. are the leads on the deal.
Proceeds will be used to help fund the acquisition of Signicast LLC.
Closing is expected late this month, subject to regulatory approvals and customary conditions.
Dynacast is a Charlotte, N.C.-based manufacturer of precision engineered metal components. Signicast is a Hartford, Wis.-based manufacturer of precision investment cast parts.
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