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DexKo revises $80 million incremental term loan issue price to par
By Sara Rosenberg
New York, Jan. 11 – DexKo Global Inc. tightened the issue price on its $80 million incremental first-lien term loan due July 24, 2024, of which $50 million is delayed-draw, to par from 99.75, according to a market source.
The U.S. incremental loan as well as the repricing of the company’s existing $569 million first-lien term loan due July 24, 2024 are still priced at Libor plus 350 basis points with a 1% Libor floor.
As before, the company is also getting a €110 million incremental first-lien term loan due July 24, 2024, of which €90 million is delayed-draw, and repricing its existing €349 million first-lien term loan due July 24, 2024.
Talk on the euro term loan debt remained at Euribor plus 375 bps to 400 bps with a 0% floor.
The incremental euro loan continues to be offered with an original issue discount of 99.75, and the repricings continue to be offered at par.
All of the term loans include 101 soft call protection for six months.
The delayed-draw tranches have a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.
Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Barclays and Deutsche Bank Securities Inc. are the lead arrangers on the loans (B1/B).
Commitments are due at noon ET on Tuesday, accelerated from 5 p.m. ET on Tuesday, the source added.
Proceeds from the add-on term loans will be used to fund tuck-in acquisitions, the U.S. repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor and the euro repricing will take the existing loan down from Euribor plus 450 bps with a 0% floor.
DexKo is a Novi, Mich.-based supplier of highly engineered running gear technology, chassis assemblies and related components.
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