GenCorp launches $125 million term loan B

By Sara Rosenberg

New York, Sept. 9 - GenCorp Inc. launched a new $125 million 5½ year term loan B on Monday, according to a syndicate source. Deutsche Bank and ABN Amro are the lead banks on the deal.

The term loan was priced with an interest rate of Libor plus 300 basis points, the syndicate source said.

Proceeds will be used to purchase General Dynamics' space propulsion business and to pay down outstanding revolver debt.

Standard & Poor's rates the new tranche at BB+.

GenCorp is a Rancho Cordova, Calif. manufacturing company that operates in automotive, aerospace and defense and fine chemicals segments.

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