Key Safety Systems launches $395 million term B at Libor plus 400 bps

By Sara Rosenberg

New York, April 17 - Key Safety Systems Inc. launched its $395 million five-year first-lien term loan B on Wednesday with price talk of Libor plus 400 basis points with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source.

The term loan B has 101 soft call protection for one year and amortization of 1% per annum.

The company's $470 million credit facility also includes a $75 million 41/2-year revolver.

Commitments are due on May 1.

UBS Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Key Safety Systems is a Sterling Heights, Mich.-based supplier of automotive safety components and systems.

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