BBB Industries lifts term loan to $1.23 billion, firms spread, widens OID

By Sara Rosenberg

New York, June 30 – BBB Industries LLC upsized its seven-year first-lien term loan B (B2/B-) to $1.225 billion from $1.19 billion, set pricing at SOFR+10 basis points CSA plus 525 bps, the wide end of the 500 bps to 525 bps talk, and changed the original issue discount to 90 from talk in the range of 95 to 96, according to a market source.

Also, the 25 bps pricing step-downs at 4.5x and 4x first-lien leverage were removed from the first-lien term loan and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 0.5% floor, and ticking fees of half the spread from July 31 to Sept. 30 and the full spread plus three-month SOFR thereafter.

JPMorgan Chase Bank, Goldman Sachs Bank USA, Antares Capital, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., UBS Investment Bank, Nomura, Fifth Third and ING are the leads on the deal.

Recommitments were scheduled to be due at 12:30 p.m. ET on Thursday, the source added.

Closing is expected this year, subject to customary conditions.

BBB Industries is a Daphne, Ala.-based sustainable manufacturer of automotive replacement parts.

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