Horizon Global launches $215 million term B at Libor plus 450-475 bps

By Sara Rosenberg

New York, May 5 – Horizon Global Corp. launched on Tuesday its $215 million seven-year term loan B (B2/B) with price talk of Libor plus 450 basis points to 475 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, the source said.

The company’s $315 million credit facility also includes a $100 million asset-based revolver.

J.P. Morgan Securities LLC, BMO Capital Markets and Wells Fargo Securities LLC are the leads on the deal.

Proceeds will be used to fund a cash distribution to TriMas Corp. in connection with Horizon’s spinoff from TriMas.

Horizon Global is a Bloomfield Hills, Mich.-based manufacturer and distributor of towing, trailer and cargo management products for the automotive market.

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