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Adient tightens $635 million term loan B-2 OID to 99.75
By Sara Rosenberg
New York, Jan. 25 – Adient changed the original issue discount on its $635 million seven-year term loan B-2 to 99.75 from 99.5, according to a market source.
Pricing on the term loan remained at SOFR plus 275 basis points with a 0% floor and 0 bps CSA.
The term loan still has 101 soft call protection for six months.
BofA Securities Inc. is the left lead arranger on the deal.
Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to refinance an existing term loan B-1 due April 8, 2028 and to pay related fees, expenses and premiums.
Adient is a Plymouth, Mich.-based manufacturer of automotive seating.
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