CSP Technologies, American Tire launch to lenders; New Media downsizes term loan

By Sara Rosenberg

New York, Jan. 9 – CSP Technologies North America LLC released price talk on its term loan in connection with its bank meeting on Friday, and American Tire Distributors Inc. came out with original issue discount guidance on its term loan.

Also, New Media Investment Group Inc. reduced the size of its incremental term loan and added an incremental revolver to its capital structure, Digital River Inc. and Alliant Holdings firmed the launch dates for their new deals, and Dynacast International is readying the bank meeting for its term loans.

CSP Technologies held its bank meeting on Friday morning, launching its $170 million first-lien term loan with talk of Libor plus 525 basis points to 550 bps with a 1% Libor floor, an original issue discount of 98˝ and 101 soft call protection for one year, according to a market source.

The company’s $195 million credit facility also includes a $25 million revolver.

Commitments are due on Jan. 23, the source said.

Barclays is leading the deal that will be used with about $190 million in equity to fund the roughly $360 million acquisition of the company by Wendel Group.

Total leverage is 5.1 times.

Closing is expected in the first quarter, following customary consultation with the company’s French Workers Council and after receiving necessary approvals from the antitrust authorities.

American Tire released original issue discount talk of 98 on its $140 million non-fungible covenant-light secured term loan due June 1, 2018.

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