Advanced Integration cuts term loan to $225 million, lifts spread

By Sara Rosenberg

New York, July 11 – Advanced Integration Technology LP downsized its first-lien term loan to $225 million from $315 million and raised pricing to Libor plus 550 basis points from Libor plus 500 bps, according to a market source.

In addition, the 101 soft call protection was extended to one year from six months, the maturity was shortened to five years from seven years and the MFN sunset was removed, the source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

The company’s now $285 million credit facility, down from $375 million credit facility, also includes a $60 million revolver.

Recommitments were due by 5 p.m. ET on Monday, the source added.

UBS Investments Bank, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc. are the leads on the deal.

Proceeds will be used for a recapitalization.

Advanced Integration is a Plano, Texas-based industrial automation and tooling company delivering turnkey factory integration to the aerospace industry.

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