Grede Holdings launches $100 million add-on term loan at OID of 99

By Sara Rosenberg

New York, Dec. 6 - Grede Holdings LLC launched a $100 million add-on term loan on Thursday at talk of Libor plus 550 basis points with a 1.5% Libor floor and an original issue discount of 99, according to sources.

The spread and the floor match existing term loan pricing.

GE Capital Markets is leading the deal.

Proceeds will be used to fund a dividend.

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

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