Husky Injection launches $2 billion term B at Libor plus 325-350 bps

By Sara Rosenberg

New York, March 12 – Husky Injection Molding Systems (Titan Acquisition Ltd.) launched on Monday its $2 billion seven-year covenant-light term loan B (B2/B) with price talk of Libor plus 325 basis points to 350 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

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

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Barclays and BMO Capital Markets are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Thursday.

Proceeds will be used to help fund the buyout of the company by Platinum Equity from Berkshire Partners and Omers Private Equity for $3.85 billion.

Other funds for the transaction will come from $750 million of senior notes.

Closing is expected in the second quarter, subject to regulatory approval.

Husky is a Bolton, Ont.-based supplier of injection molding equipment and services to the plastics industry.

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