Atkore to launch $425 million incremental term loan B on Tuesday

New York, Jan. 22 – Atkore International, Inc. plans to launch a $425 million incremental term loan B with a lender call on Tuesday, according to a market source.

The new loan is being offered with an original issue discount of 99.5.

The coupon of Libor plus 300 basis points, the 1% Libor floor and the Dec. 22, 2023 maturity match the existing loan.

The loan will amortize in equal quarterly installments at 1% of the original principal amount per year, with the balance due at maturity.

The facility does not include any financial covenants.

Deutsche Bank is the left bookrunner for the new loan.

Proceeds will be used to fund a stock repurchase and to prepay all or a portion of the loans outstanding under the company’s asset-based loan facility.

Atkore is a Harvey, Ill.-based electrical raceway solutions provider.

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