Sage Automotive reworks use of proceeds for $30 million add-on loan

By Sara Rosenberg

New York, April 2 – Sage Automotive Interiors Inc. now plans on using its $30 million add-on first-lien term loan due Oct. 8, 2020 solely to fund the acquisition of Miko, according to a market source.

The add-on loan will no longer be used to increase the company’s equity stake in its Wuhan joint venture, the source said.

As before, the add-on term loan is talked at Libor plus 500 basis points with a 1% Libor floor, in line with the existing term loan, and an original issue discount of 99.

Reconfirmations are due on Monday, the source added.

UBS AG is the lead on the deal.

Sage Automotive is a Greensville, S.C.-based supplier of high-performance specialty fabric materials for automobiles.

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