Q Holdings launches $163 million term loan B at Libor plus 475-500 bps

By Sara Rosenberg

New York, Nov. 21 – Q Holdings launched on Friday its $163 million seven-year term loan B with price talk of Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and a first-lien net leverage covenant, the source said.

The company’s $188 million credit facility (B3/B) also includes a $25 million revolver.

Commitments are due on Dec. 4, the source added.

RBC Capital Markets LLC and BNP Paribas Securities Corp. are the lead banks on the deal.

Proceeds will be used to fund the buyout of the company by 3i Group plc for about $160 million.

Q Holdings is a Twinsburg, Ohio-based manufacturer of elastomeric products, primarily serving the automotive, medical and pharmaceutical end markets.

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