Adient launches $750 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, April 15 – Adient plc launched on Monday its $750 million five-year covenant-lite term loan B (Ba2/BB-) with price talk of Libor plus 450 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

Bank of America Merrill Lynch is the left lead arranger on the deal.

Commitments are due at noon ET on April 26, the source said.

Along with the term loan, the company is getting an asset-based revolving credit facility.

Proceeds will be used to refinance existing credit facilities.

Other funds for the refinancing will come from $750 million of senior secured notes.

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

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