MW Industries updates first- and second-lien term loan pricing

By Sara Rosenberg

New York, June 23 – MW Industries (MWI Holdings Inc.) firmed pricing on its $325 million four-year first-lien term loan (B2/B) at Libor plus 550 basis points, the high end of the Libor plus 525 bps to 550 bps talk, according to a market source.

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

As for the $105 million 4.5-year second-lien term loan (Caa2/CCC+), pricing remained at Libor plus 925 bps with a 1% Libor floor, but the original issue discount tightened to 98 from talk of 97 to 97.5, the source said.

The second-lien term loan still has call protection of 102 in year one and 101 in year two.

Along with the term loans, the company’s $470 million senior secured credit facility includes a $40 million revolver (B2/B).

UBS Investment Bank and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

MW Industries, owned by Genstar Capital, is a Logansport, Ind.-based manufacturer of highly engineered springs and fasteners for OEMs and MROs.

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