DexKo Global launches $225 million term loan at SOFR plus 650 bps

By Sara Rosenberg

New York, Nov. 30 – DexKo Global Inc. launched without a lender call on Wednesday morning a non-fungible $225 million first-lien term loan due October 2028 that is talked at SOFR plus 650 basis points with a step-up to SOFR plus 750 bps on Oct. 5, 2023, a 0.5% floor and an original issue discount of 90 to 91, according to a market source.

The term loan has no call protection and is co-terminus with the company’s existing U.S. term loan, the source said.

Expected term loan ratings are B2/B-.

Credit Suisse Securities (USA) LLC is the adviser on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance an existing seller note.

DexKo is a Novi, Mich.-based producer of engineered products critical to safety and performance of towable industrial trailer and recreational trailer applications.

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