Atkore reverse flexes first- and second-lien term loan pricing

By Sara Rosenberg

New York, March 26 - Atkore International Inc. trimmed pricing on its $420 million seven-year first-lien covenant-light term loan (B3/B) to Libor plus 350 basis points from Libor plus 400 bps and on its $250 million 71/2-year second-lien covenant-light term loan (Caa2/CCC+) to Libor plus 675 bps from Libor plus 725 bps, according to a market source.

In addition, the 101 soft call protection on the first-lien term loan was extended to one year from six months, the source said.

As before, the first-lien term loan has a 1% Libor floor and an original issue discount of 991/2, and the second-lien term loan has a 1% Libor floor, a discount of 99, and call protection of 102 in year one and 101 in year two.

Recommitments were due at 2 p.m. ET on Wednesday, the source added.

Deutsche Bank Securities Inc., UBS Securities LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities LLC are the bookrunners on the $670 million deal.

Proceeds will be used to finance the acquisition of the remaining 37% of Atkore by Clayton, Dubilier & Rice and to refinance existing debt.

Atkore is a Harvey, Ill.-based manufacturer of primarily non-residential building products.

© 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.