HHI Automotive firms $115 million add-on term loan at 99 5/8 OID

By Sara Rosenberg

New York, May 1 - HHI Automotive finalized the original issue discount on its $115 million add-on term loan (B2/B+) at 99 5/8, the middle of the 99½ to 99¾ talk, according to a market source.

Pricing on the add-on is Libor plus 375 basis points with a 1.25% Libor floor, in line with the existing term loan.

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

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

Proceeds will be used to fund a dividend.

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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