Waupaca lifts term loan to $360 million, flexes to SOFR plus 600 bps

By Sara Rosenberg

New York, Jan. 29 – Waupaca Foundry Inc. upsized its six-year covenant-lite term loan B to $360 million from $330 million and reduced pricing to SOFR plus 600 basis points from talk in the range of SOFR plus 625 bps to 650 bps, according to a market source.

Also, the original issue discount talk on the term loan was revised to a range of 98.5 to 99 from 98, the source said.

The term loan still has a 1% floor, soft call protection of 102 in year one and 101 in year two, and amortization of 5% per annum.

BMO Capital Markets, PNC Capital, KeyBanc Capital Markets and Silver Point are the arrangers on the deal.

Commitments are due at noon ET on Tuesday, accelerated from 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to help fund the buyout of the company by Monomoy Capital Partners from Proterial Ltd.

Closing is expected early this year, subject to customary conditions.

Waupaca Foundry is a Waupaca, Wis.-based supplier of cast and machined iron castings.

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