Cobham offers $602 million term loan B prepayment at par

By Sara Rosenberg

New York, Jan. 11 – Cobham plc is offering a $602 million paydown on its U.S. term loan B at a price of par, according to a market source.

Funds for the prepayment will come from proceeds from the sale by the company of CAES Space Systems to Veritas Capital.

Lenders have until 11 a.m. ET on Thursday to reject the prepayment, the source added.

Closing on the CAES Space sale is expected this quarter, subject to customary conditions and regulatory approvals.

Cobham is a Bournemouth, U.K.-based technology and services innovator in diversified industries, including defense and commerce. CAES Space is a Colorado Springs, Colo.-based provider of radiation hardened components, mission processing, cabling, wave guides, antennas and power management solutions.

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