Global Brass launches $330 million term loan at Libor plus 750 bps

By Sara Rosenberg

New York, July 29 - Global Brass and Copper Inc. talked its $330 million five-year term loan (B) at Libor plus 750 basis points with a 2% Libor floor and an original issue discount of 97, according to a market source.

Call protection on the loan is 105 in year one, 103 in year two and 101 in year three, the source said.

Goldman Sachs is the lead bank on the deal that was launched with a bank meeting on Thursday.

The company will also be getting a $150 million ABL revolver with the existing bank group.

Proceeds from the term loan and ABL revolver will be used to refinance an existing $380 million ABL revolver and $60 million term loan.

Global Brass and Copper is an East Alton, Ill.-based manufacturer and distributor of copper and copper-alloy sheet, strip, plate, foil, rod and fabricated components.

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