Hunter Fan ups spread on $425 million term loan to Libor plus 500 bps

By Sara Rosenberg

New York, April 9 – Hunter Fan Co. increased pricing on its $425 million seven-year covenant-lite first-lien term loan to Libor plus 500 basis points from talk in the range of Libor plus 450 bps to 475 bps, according to a market source.

Also, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

The term loan still has a 0.75% Libor floor and an original issue discount of 99.

The company’s $458 million of credit facilities (B2/B) also include a $33 million revolver.

Credit Suisse Securities (USA) LLC is the lead on the deal.

Commitments were scheduled to be due at 11 a.m. ET on Friday, the source added.

Proceeds will be used to refinance existing debt, fund a shareholder distribution and pay fees and expenses.

Hunter Fan is a Memphis, Tenn.-based designer and distributor of consumer, industrial and commercial fans.

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