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MB Aerospace sets $150 million term loan at Libor plus 550 bps
By Sara Rosenberg
New York, Dec. 15 – MB Aerospace firmed pricing on its $150 million first-lien term loan at Libor plus 550 basis points, the low end of the Libor plus 550 bps to 575 bps talk, according to a market source.
The term loan still has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for six months and a maximum leverage covenant.
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 is greater than 50% of total pro forma capitalization.
MB Aerospace is a Motherwell, Scotland-based Tier I engine component manufacturer and repair business.
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