Grede trims term B to $200 million, sets spread at Libor plus 550 bps

By Sara Rosenberg

New York, March 30 - Grede Holdings LLC downsized its term loan B to $200 million from $250 million and firmed pricing at Libor plus 550 basis points, the wide end of the Libor plus 500 bps to 550 bps talk, according to a market source.

Also, the original issue discount was set at 98, versus earlier talk of 98 to 981/2, the source said.

The 1.5% Libor floor and 101 soft call protection for one year were left unchanged.

GE Capital Markets and Jefferies & Co. are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

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

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