ABB Optical talks $48 million loan at 99.5 with 500 bps Libor spread

By Paul A. Harris

Portland, Ore., Oct. 25 – ABB Optical Group/Con-Cise Optical Group LLC talked a $48 million senior secured incremental first-lien term loan B (B1/B) at a 500 basis points spread to Libor atop a 1% Libor floor at 99.5, a market source said.

Commitments are due on Friday.

The deal, which has no financial covenants, comes with 101 soft call protection for six months.

Morgan Stanley Senior Funding, Inc. is the joint lead arranger and joint bookrunner.

The Coral Springs, Fla., optical distributor plans to use the proceeds to repay borrowings under its revolver, which was used to finance an acquisition.

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