AxleTech sets pricing on $265 million credit facility

By Paul A. Harris

St. Louis, Oct. 5 - AxleTech International has set pricing for its $265 million credit facility, according to a syndicate source.

The company's $130 million seven-year first-lien term loan B (B2/B+) is expected to price in a range of Libor plus 225 to 250 basis points.

Meanwhile the $85 million 7.5-year second-lien term loan is expected to price in a range of Libor plus 625 to 650 bps and will contain call premiums at 102 in the first year and 101 in the second year.

Merrill Lynch, JP Morgan and CIBC are leading the deal, with Merrill Lynch the left lead.

The facility also contains a $50 million six-year revolving credit facility (B2/B+).

Proceeds will be used to help fund leveraged buyout of the company by The Carlyle Group.

AxleTech is a Troy, Mich.-based drive train components company.

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