Grede Holdings completes $115 million secured credit facility

By Sara Rosenberg

New York, June 28 - Grede Holdings LLC closed on a new $115 million senior secured credit facility, according to a news release.

GE Capital Markets and Bank of America Merrill Lynch acted as the co-lead arrangers on the deal.

Proceeds will be used for acquisitions and working capital.

In March, the company had withdrawn a $265 million senior secured credit facility from the market due to unfavorable conditions.

The pulled facility, which would have been used for acquisitions and to pay a shareholder distribution, consisted of a $90 million ABL revolver and a $175 million term loan B (B1/B+) talked at Libor plus 600 basis points with a 1.5% Libor floor, an original issue discount of 98½ and 101 soft call protection for one year.

Grede is a Southfield, Mich.-based iron casting supplier.

© 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.