TI Automotive talks U.S. dollar term loan at Libor plus 350 bps

By Sara Rosenberg

New York, June 15 – TI Automotive Ltd. is talking its €620 million U.S. equivalent seven-year term loan at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.5 ahead of its New York bank meeting on Tuesday, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

The company’s credit facility (Ba3/BB), which also includes a $125 million five-year revolver and a €450 million seven-year term loan, launched to European investors with a bank meeting in London on Monday.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Mizuho Securities USA Inc., Goldman Sachs Bank USA, RBC Capital Markets LLC, UBS AG and Nomura are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Bain Capital.

Closing is expected in mid-year, subject to approval from TI Automotive shareholders, a substantial majority of which have pledged to support the deal, regulatory review and other customary conditions.

TI Automotive is an Auburn Hills, Mich.-based provider of fluid storage, carrying and delivery systems to automotive manufacturers.

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