Mannington Mills talks $300 million term B at Libor plus 400-425 bps

By Sara Rosenberg

New York, July 10 – Mannington Mills launched on Wednesday its $300 million seven-year term loan B (B1/BB-) with price talk of Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

Commitments are due on July 24, the source said.

The company’s $425 million of credit facilities also include a $125 million asset-based revolver.

RBC Capital Markets Corp. and SunTrust Robinson Humphrey Inc. are the joint lead arrangers on the term loan. BofA Securities Inc. is the left lead and agent on the revolver.

Proceeds will be used to refinance existing debt.

Pro forma net leverage is 3.2x, the source added.

Closing is expected during the week of July 22.

Mannington is a Salem, N.J.-based manufacturer of flooring solutions to customers in both the commercial and residential construction markets.

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