Henry ups spread on $135 million first-lien to Libor plus 550 bps

By Sara Rosenberg

New York, Dec. 22 - Henry Co. firmed pricing on its $135 million six-year first-lien term loan (B2/B+) at Libor plus 550 basis points, wide of initial talk of Libor plus 500 bps to 525 bps, according to a market source.

As before, the first-lien term loan has a 1.75% Libor floor and is being issued at a discount of 981/2.

The company's $20 million five-year revolver (B2/B+) is also priced at Libor plus 550 bps with a 1.75% floor and a discount of 981/2, the source remarked.

Meanwhile, pricing on the $40 million 61/2-year second-lien term loan (Caa1/CCC+) remained at Libor plus 900 bps with a 1.75% Libor floor and a discount of 98.

The second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

UBS Investment Bank and GE Capital are the joint lead arrangers and bookrunners on the $195 million senior secured deal, with UBS the left lead.

Proceeds are being used to refinance existing debt and to fund a dividend payment.

Henry is an El Segundo, Calif.-based provider of roof coatings, cements, roofing systems, driveway maintenance products and sealants.

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