Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for Global Brass and Copper Holdings, Inc. > News item |
Global Brass cuts spread on $320 million term B to Libor plus 425 bps
By Sara Rosenberg
New York, June 29 – Global Brass and Copper Holdings Inc. reduced pricing on its $320 million seven-year term loan B (B2/BB-) to Libor plus 425 basis points from Libor plus 450 bps and added a step-down to Libor plus 400 bps at less than 2 times net total leverage once Dec. 31 financials have been received by lenders, according to a market source.
The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance existing notes.
Global Brass is a Schaumburg, Ill.-based converter, fabricator, processor and distributor of specialized non-ferrous products.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.