WirePath Home shops $180 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, Dec. 2 – WirePath Home Systems LLC is talking its $180 million six-year term loan at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $205 million credit facility also includes a $25 million five-year revolver.

Both the term loan and the revolver have a total net leverage covenant.

Antares Capital and Citizens Bank are the leads on the deal that launched with a bank meeting on Thursday.

Commitments are due on Dec. 15, the source added.

Proceeds will be used for a dividend recapitalization.

Closing is scheduled for Dec. 21.

WirePath is a Charlotte, N.C.-based developer and distributor of diversified home AV products to custom integrators in the audio/video, security and IT markets.

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