HHI Automotive seeks $115 million add-on term loan at 991/2-99¾ OID

By Sara Rosenberg

New York, April 23 - HHI Automotive is in market with a $115 million add-on term loan (B2/B+) that is talked at Libor plus 375 basis points with a 1.25% Libor floor and an original issue discount of 99½ to 993/4, according to a market source.

The spread and floor match the existing term loan.

The loan has 101 soft call protection for six months and existing lenders are being offered a 25 bps amendment fee.

Goldman Sachs Bank USA, UBS Securities LLC, Macquarie Capital and Nomura are the leads on the deal that launched on Tuesday.

Proceeds will be used to fund a dividend.

Commitments are due on April 29, the source added.

HHI is a Royal Oak, Mich.-based manufacturer of wheel bearings, engine-timing drive systems and forged parts for power train and wheel-end applications.

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