Safe-Guard ups first-lien loan to $175 million, widens discount to 95

By Sara Rosenberg

New York, Dec. 19 - Safe-Guard Products International LLC increased its six-year first-lien term loan to $175 million from $170 million and revised the original issue discount to 95 from 98, according to sources.

Pricing on the loan firmed at Libor plus 600 basis points, the wide end of the Libor plus 575 bps to 600 bps talk, sources said.

The first-lien term loan has a 1.25% Libor floor and 101 soft call protection for one year.

The company's now $245 million credit facility, up from $240 million, also includes a $20 million revolver and a $50 million second-lien term loan.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to fund GS Principal Investments' buyout of the company from HIG Capital.

Safe-Guard Products is an Atlanta-based provider of after-market warranty products and services for new, used and leased motor vehicles.

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