SeaStar launches $208 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, July 28 – SeaStar Solutions held a call on Monday to launch a $208 million term loan with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and a par offer price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

RBC Capital Markets is the lead bank on the deal.

Proceeds will be used to reprice the existing term loan from Libor plus 425 bps with a 1% Libor floor.

Commitments are due on Aug. 4, the source added.

SeaStar is a manufacturer and distributor of marine steering and control systems and engine and drive parts.

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