Sensata finalizes $927.8 million term loan B at Libor plus 175 bps

By Sara Rosenberg

New York, Nov. 1 – Sensata Technologies BV firmed pricing on its $927,794,128 senior secured covenant-light term loan B (Baa3/BBB-) due Oct. 14, 2021 at Libor plus 175 basis points, the low end of the Libor plus 175 bps to 200 bps talk, according to a market source.

The term loan still has a 0% Libor floor, a par issue price, 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan B and amend certain covenants and definitions.

Closing is expected on Tuesday, the source added.

Sensata is a producer of sensors and controls for manufacturers in the automotive, appliance, aircraft, industrial and HVAC markets.

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