Allison firms spread on $423.5 million term loan at Libor plus 275 bps

By Sara Rosenberg

New York, April 10 - Allison Transmission Inc. finalized pricing on its $423.5 million senior secured term loan B-2 due Aug. 7, 2017 at Libor plus 275 basis points, the wide end of the Libor plus 250 bps to 275 bps talk, according to a market source.

The loan still has no Libor floor, a par offer price and 101 soft call protection for six months.

Citigroup Global Markets Inc. is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 300 bps with no Libor floor.

Closing is targeted for Monday.

Allison Transmission is an Indianapolis-based automatic transmission company.

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