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U.S. Farathane launches $50 million add-on term B, loan repricing
By Sara Rosenberg
New York, Sept. 11 – U.S. Farathane LLC launched on its lender call on Monday a $50 million add-on term loan B and a repricing of its existing roughly $525 million term loan B, according to a market source.
Price talk on the term loan B debt is Libor plus 350 basis points to 375 bps with a 1% Libor floor and 101 soft call protection for one year, the source said.
The add-on term loan is talked with an original issue discount of 99.25 to 99.5 and the repricing is offered at par, but existing lenders will get a 15 bps amendment fee.
Bank of America Merrill Lynch, KKR Capital Markets and Barclays are the leads on the deal.
Commitments are due on Thursday, the source added.
Proceeds from the add-on term loan will be used to fund a dividend and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.
U.S. Farathane is an Auburn Hills, Mich.-based manufacturer of single-shot and multi-shot injection molded, compression molded and extruded components and assemblies, primarily for use in lightweight vehicles.
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