Neenah Enterprises flexes $150 million term loan to Libor plus 550 bps

By Sara Rosenberg

New York, April 18 - Neenah Enterprises Inc. raised pricing on its $150 million four-year term loan B (B3/B) to Libor plus 550 basis points from Libor plus 500 bps, according to a market source.

In addition, the original issue discount widened to 98 from 99, the source said.

As before, the loan has a 1.25% Libor floor and 101 soft call protection for one year.

The company's $250 million credit facility also includes a $100 million five-year ABL revolver.

GE Capital Markets is leading the deal, and Wells Fargo Securities LLC is a co-lead on the revolver.

Proceeds will be used to refinance existing debt and fund a dividend.

Neenah Enterprises is a Neenah, Wis.-based manufacturer and marketer of iron castings and steel forgings.

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