MMI International talks $230 million term B at Libor plus 425-450 bps

By Sara Rosenberg

New York, April 10 - MMI International Ltd. launched with a bank meeting on Wednesday its $230 million 51/2-year senior secured term loan B with price talk of Libor plus 425 basis points to 450 bps with a 1.25% Libor floor and an original issue discount of 981/2, according to a market source.

The loan has 101 soft call protection for one year, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing term loan.

Expected loan ratings are Ba3/B+, the source added.

MMI is a Singapore-based technology company with a focus on key components for the hard disk drive industry.

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