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Metaldyne talks $536 million term loan repricing at Libor plus 325 bps
By Sara Rosenberg
New York, Feb. 11 - Metaldyne LLC launched on its call on Tuesday a repricing of its existing $536 million term loan B due Dec. 31, 2018 to Libor plus 325 basis points with a 1% Libor floor from Libor plus 375 bps with a 1.25% Libor floor, according to market sources.
The company is also looking to reprice its €99 million term loan B due Dec. 31, 2018 to Euribor plus 375 bps with a 1% floor from Euribor plus 525 bps with a 1.25% floor, sources said.
Both loans are offered at par and have 101 soft call protection for six months.
Covenants include a maximum total leverage ratio.
Bank of America Merrill Lynch is the lead bank on the deal.
Commitments are due by 5 p.m. ET on Feb. 18, sources added.
Metaldyne is a Plymouth, Mich.-based designer and supplier of metal-formed components and assemblies for powertrain applications.
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