Southwire finalizes $500 million term loan at Libor plus 200 bps

By Sara Rosenberg

New York, May 15 – Southwire Co. LLC firmed pricing on its $500 million senior secured term loan (BB+) due 2025 at Libor plus 200 basis points, the high end of the Libor plus 175 bps to 200 bps talk, according to a market source.

Also, a step-down was added to the term loan to Libor plus 175 bps based on leverage, the source said.

As before, the term loan has a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

KKR Capital Markets is the left lead arranger on the deal.

Proceeds will be used to refinance existing debt.

Southwire is a Carrollton, Ga.-based manufacturer of wire and cable used in the distribution and transmission of electricity.

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