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Prospect News home > News index > List of issuers S > Headlines for Scotsman Industries Inc. > News item |
Scotsman ups term loan add-on to $70 million, cuts offer price to par
By Sara Rosenberg
New York, May 16 - Scotsman Industries Inc. increased its term loan add-on (B1/B+) to $70 million from $60 million and is now offering the debt at par instead of at a discount of 991/2, according to a market source.
Pricing on the add-on is Libor plus 425 basis points, with a step-down to Libor plus 400 bps when total net leverage is less than 2.50 times, and a 1.5% Libor floor.
The company's existing term loan that was obtained last year at a size of $115 million carries the same pricing as the add-on but had been sold at a discount of 99.
GE Capital Markets is the lead bank on the deal.
Proceeds will be used to fund a dividend.
Scotsman Industries is a Vernon Hills, Ill.-based manufacturer of commercial ice machines and related products.
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