Hudson Products flexes $270 million term loan to Libor plus 400 bps

By Sara Rosenberg

New York, March 12 - Hudson Products Corp. reduced pricing on its $270 million five-year covenant-light term loan to Libor plus 400 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99½ for new money and 101 soft call protection for six months.

The company's $300 million credit facility (B2/B-) also includes a $30 million 4.5-year revolver.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.