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SRAM tightens original issue discount on $290 million term to 99 3/8
By Sara Rosenberg
New York, April 27 - SRAM Corp. reduced the original issue discount on its $290 million term loan to 99 3/8 from 99 and added a step-down in pricing, according to a market source.
Pricing on the term loan is still Libor plus 350 basis points, but now it can drop to Libor plus 325 bps when corporate ratings are B1/B+, the source said.
There is still a 1.5% Libor floor.
Recommitments were due on Tuesday.
The $315 million credit facility (Ba3/BB-) also includes a $25 million revolver that is priced at Libor plus 350 bps with a 1.5% Libor floor as well.
GE Capital is the lead bank on the deal. Mizuho signed on as syndication agent, and JPMorgan signed on as documentation agent.
Proceeds will be used to refinance existing debt.
Senior leverage is 2.7 times.
SRAM is a Chicago-based bike components company.
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