SeaStar tightens issue price on $70 million add-on term loan B to par

By Sara Rosenberg

New York, May 18 – SeaStar Solutions (Marine Acquisition Corp.) changed the issue price on its fungible $70 million add-on term loan B (B) due January 2021 to par from 99.875, according to a market source.

Pricing on the add-on term loan is Libor plus 375 basis points with a 1% Libor floor, in line with existing term loan B pricing, the source said.

As before, the add-on term loan has 101 soft call protection for six months.

RBC Capital Markets, UBS Investment Bank and Antares Capital are the joint bookrunners on the deal.

Proceeds will be used for acquisition financing.

Existing lenders are being offered a 12.5 bps amendment fee.

Recommitments and consents are due at noon ET on Friday and allocations are expected shortly thereafter, the source added.

SeaStar is a Litchfield, Ill.-based manufacturer and distributor of marine steering and control systems and engine and drive parts.

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