Waupaca Foundry's upcoming credit facility sized at $485 million

By Sara Rosenberg

New York, June 4 - Waupaca Foundry Inc.'s proposed credit facility is sized at $485 million, comprised of a $225 million ABL revolver and a $260 million term loan, according to a market source.

Price talk on the term loan is Libor plus 550 basis points with a 1.25% Libor floor and an original issue discount of 981/2, the source said.

The term loan has 101 soft call protection for one year.

Ratings are expected at B1/B+, the source added.

As was previously reported, a bank meeting to launch the deal is slated for Tuesday.

GE Capital Markets Inc., RBC Capital Markets and Wells Fargo Capital Finance are the lead arrangers on the facility.

Proceeds will be used to help fund the acquisition of ThyssenKrupp Waupaca Inc. by KPS Capital Partners LP from ThyssenKrupp Budd Co. The company will be renamed Waupaca Foundry.

Closing is expected this quarter, subject to customary conditions.

Waupaca Foundry is a Waupaca, Wis.-based producer of gray and ductile iron castings for the automotive, truck, agriculture, construction, hydraulics and commercial vehicle markets.

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