AMG Advanced $300 million term loan B firms at Libor plus 300 bps

By Sara Rosenberg

New York, Jan. 31 – AMG Advanced Metallurgical Group NV wrapped syndication of its $300 million seven-year covenant-light term loan B at pricing of Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $500 million of senior secured credit facilities (B1/BB-) also include a $200 million five-year revolver.

HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. are the joint lead arrangers on the deal, and HSBC is the agent.

Allocations went out on Tuesday, the source said.

Proceeds will be used to refinance existing debt, to fund growth initiatives and for general corporate purposes.

AMG, which has corporate offices in Amsterdam and Wayne, Pa., is a producer and processor of specialty metals and mineral products.

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