Munters Group sets $280 million term loan at Libor plus 525 bps

By Sara Rosenberg

New York, April 23 - Munters Group firmed pricing on its $280 million seven-year term loan B (B3/B) at Libor plus 525 basis points, the wide end of the revised Libor plus 500 bps to 525 bps guidance and up from initial talk of Libor plus 400 bps to 425 bps, according to a market source.

The loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Earlier in syndication, the discount was changed from 991/2, the call protection was pushed out from six months, and a total leverage maintenance covenant was added to the originally covenant-light deal.

Deutsche Bank Securities Inc. is leading the deal that will be used to refinance existing debt.

Munters is a Sweden-based provider of energy-efficient air treatment solutions with expertise in climate control 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.