MTS Systems firms $457.7 million term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, June 22 – MTS Systems Corp. set pricing on its $457.7 million term loan B at Libor plus 325 basis points, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source.

Also, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

The term loan still has a 0.75% Libor floor and an original issue discount of 99.875.

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

Proceeds will be used to reprice an existing term loan B from Libor plus 425 bps with a 0.75% Libor floor.

MTS is an Eden Prairie, Minn.-based supplier of high-performance test systems and position sensors.

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