Kemet ups spread on $345 million term loan B to Libor plus 600 bps

By Sara Rosenberg

New York, April 20 – Kemet Corp. raised pricing on its $345 million senior secured covenant-light term loan B (B3/B) to Libor plus 600 basis points from Libor plus 550 bps, according to a market source.

Additionally, the original issue discount on the term loan was revised to 97 from 99.5 and the call protection was changed to a hard call of 102 in year one and 101 in year two from a 101 soft call for six months, the source said.

The term loan still has a 1% Libor floor.

Bank of America Merrill Lynch is the lead bank on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to help refinance notes due 2018.

Kemet is a Simpsonville, S.C.-based supplier of electronic components.

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