Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Z > Headlines for Zekelman Industries, Inc. > News item |
Zekelman sets $900 million term B OID at 99.75, adds margin step-down
By Sara Rosenberg
New York, March 20 – Zekelman Industries Inc. firmed the original issue discount on its $900 million term loan B due Jan. 24, 2031 (Ba3/BBB-) at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.
Also, while pricing remained at SOFR plus 225 basis points with a 0% floor, a 25 bps step-down was added at Ba1/BB+ or better corporate ratings, the source said.
Current corporate ratings are Ba2/BB+.
The term loan still has 101 soft call protection for six months and amortization of 1% per annum.
Goldman Sachs Bank USA and BofA Securities Inc. are the lead arrangers on the deal.
Recommitments are due at noon ET on Thursday, the source added.
Proceeds will be used to amend, extend and modestly upsize the company’s existing senior secured term loan B.
Zekelman Industries is a Chicago-based steel and pipe producer.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.