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MW Industries talks add-on loan, repricing at Libor plus 350 bps
By Sara Rosenberg
New York, April 4 – MW Industries launched on Wednesday its fungible $75 million add-on first-lien term loan and repricing of its existing $384 million first-lien term loan with price talk of Libor plus 350 basis points with a 0% Libor floor, according to a market source.
The add-on term loan is talked with an original issue discount of 99.75 and the repricing is offered at par, the source said.
All of the term loan debt is getting 101 soft call protection for six months.
RBC Capital Markets is the lead bank on the deal.
Commitments are due on April 11, the source added.
Proceeds from the add-on will be used to fund an acquisition and the repricing will take the existing term loan down from Libor plus 400 bps with a 0% Libor floor.
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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