Hudson Products talks $270 million term loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, Feb. 25 - Hudson Products Corp. launched on Tuesday its $270 million five-year covenant-light term loan with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99½ for new money, according to a market source.

The term loan has 101 soft call protection for six months.

The company's $300 million credit facility also includes a $30 million 41/2-year revolver.

Commitments are due on March 11, the source said.

BNP Paribas Securities Corp. is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Hudson Products is a Beasley, Texas-based designer and manufacturer of air-cooled heat exchanger equipment to serve the oil, gas and petrochemical processing industries.

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