MW Industries releases first- and second-lien term loan price talk

By Sara Rosenberg

New York, Sept. 19 – MW Industries announced price talk on its $385 million seven-year first-lien term loan and $120 million eight-year second-lien term loan with its bank meeting on Tuesday, according to a market source.

Talk on the first-lien term loan is Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 775 bps to 800 bps with a 0% Libor floor and a discount of 99, the source said.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $575 million of credit facilities also include a $70 million five-year revolver.

RBC Capital Markets LLC, Citigroup Global Markets Inc., Jefferies LLC, Citizens Bank and Antares Capital are the joint bookrunners on the deal.

Commitments are due on Sept. 27, the source added.

Proceeds will be used to help fund the buyout of the company by American Securities from Genstar.

MW Industries is a Rosemont, Ind.-based designer and manufacturer of springs and other specialty engineered metal components for diverse end markets.

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