Grede Holdings firms $600 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, May 20 - Grede Holdings LLC finalized pricing on its $600 million term loan at Libor plus 375 basis points, the wide end of the Libor plus 350 bps to 375 bps talk, according to a market source.

In addition, the 101 soft call protection was extended to one year from six months, the source said.

As before, the term loan has a 1% Libor floor and an original issue discount of 991/2.

The company's $675 million credit facility (B1) also includes a $75 million revolver.

Goldman Sachs Bank USA, GE Capital Markets, Nomura and RBC Capital Markets are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by American Securities LLC.

Grede is a Southfield, Mich.-based producer of engineered iron castings to the automotive, medium and heavy truck and industrial markets.

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