Sage Automotive launches $85 million incremental first-lien term loan

By Sara Rosenberg

New York, Oct. 25 – Sage Automotive Interiors Inc. launched on its call on Wednesday a fungible $85 million incremental first-lien term loan due November 2022 that is talked at Libor plus 525 basis points to 550 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

All of the term loan debt is getting 101 soft call protection for six months.

Amortization is 1% for the first year, 1.5% for the second year and 2% for the third year, the source continued.

Existing lenders are being offered a 50 bps amendment fee.

UBS Investment Bank is the bookrunner on the deal.

Proceeds from the incremental loan will be used to fund a dividend.

Clearlake Capital Group is the sponsor.

Amendment signatures are due on Nov. 1 and new money orders are due on Nov. 3, the source added.

Sage Automotive is a Greenville, S.C.-based supplier of specialty designed, high-performance textiles and premium fabrics to the automotive industry.

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