Mold-Masters launches credit facility amendment and extension

By Sara Rosenberg

New York, March 26 - Mold-Masters launched an amendment and extension of its credit facility on Monday through one-on-one calls with existing lenders, according to a market source.

Under the proposal, the company is asking to extend its roughly $31 million revolver to April 2016 from October 2013 and its roughly $206 million term loan to October 2016 from October 2014, the source said.

Pricing on the extended revolver and term loan would be Libor plus 450 basis points with no step-down, versus non-extended pricing of Libor plus 350 bps with a step-down to Libor plus 325 bps when net leverage is under 2.0 times, the source continued. There is no Libor floor.

Lenders are being offered a 10 bps amendment fee and a 15 bps extension fee.

The amendment is needed to allow for the extension.

Approvals and commitments are due on Friday.

Societe Generale is the lead bank on the deal.

The company has a high-mid-single B rating profile and current net leverage of 2.57 times, the source added.

Mold-Masters is an Ontario-based designer, manufacturer and supporter of hot runner products, including hot runner systems, temperature controllers, hot halves and gating technologies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.