Metaldyne cuts spread on $250 million term loan to Libor plus 600 bps

By Sara Rosenberg

New York, Oct. 20 - Metaldyne LLC reduced pricing on its $250 million term loan (B1/B+) to Libor plus 600 basis points from Libor plus 650 bps and cut the Libor floor to 1.75% from 2%, according to a market source.

As before, the loan is being offered at an original issue discount of 99 and has call protection of 102 in year one and 101 in year two.

Recommitments were due at 1 p.m. ET on Wednesday.

Deutsche Bank and Barclays Capital are the lead banks.

Proceeds will be used to refinance existing debt and fund a dividend.

Metaldyne is a Plymouth, Mich.-based designer and supplier of metal-formed components and assemblies for engine and transmission applications.

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