MB Aerospace launches $150 million term loan at Libor plus 550-575 bps

By Sara Rosenberg

New York, Dec. 1 – MB Aerospace launched on Tuesday its $150 million first-lien term loan with price talk of Libor plus 550 basis points to 575 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has a maximum leverage covenant, the source said.

The company’s $185 million credit facility also includes a $35 million revolver.

SG Americas Securities LLC and ING Capital are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by Blackstone from Arlington Capital Partners.

Equity will be greater than 50% of total pro forma capitalization.

Closing is expected this year, subject to customary regulatory approvals.

MB Aerospace is a Motherwell, Scotland-based Tier I engine component manufacturer and repair business.

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