Actuant Electrical firms $130 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 9 - Actuant Electrical finalized pricing on its $130 million six-year term loan B at Libor plus 450 basis points, the wide end of the Libor plus 425 bps to 450 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company's $150 million credit facility also includes a $20 million five-year revolver.

Financial covenants in the credit agreement are maximum first-lien net leverage and minimum interest coverage ratios, the source added.

RBC Capital Markets LLC and NXT Capital are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by Sentinel Capital Partners from Actuant Corp. for $258 million in cash.

Other funds for the transaction will come from $60 million of senior subordinated notes.

Actuant Electrical is a Menomonee Falls, Wis.-based provider of products for the retail do-it-yourself, marine, industrial OEM and wholesale electrical markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.