Kymera lifts incremental term loan to $185 million, trims spread

By Sara Rosenberg

New York, Feb. 7 – Kymera International upsized its fungible incremental first-lien term loan (B2/B) due October 2025 to $185 million from $165 million and reduced pricing to Libor plus 550 basis points from Libor plus 600 bps, according to a market source.

In addition, the original issue discount on the incremental term loan was set at 99, the tight end of the 98 to 99 talk, and the 101 soft call protection was shortened to six months from one year, the source said.

The incremental term loan still has a 0% Libor floor and amortization of 2.5% per annum.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc., KeyBanc Capital Markets and M&T Bank are the lead arrangers on the deal.

Commitments are due at noon ET on Monday, accelerated from 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to finance the acquisition of Reading Alloys, and the extra funds raised will be used to add cash to the balance sheet for permitted acquisitions and investments and are prohibited from being used in any restricted payments.

Due to the pricing flex, pricing on the company’s existing first-lien term loan will no longer be increased from Libor plus 550 bps to match the incremental loan pricing.

Kymera is a Research Triangle Park, N.C.-based specialty materials company focused on the copper and aluminum metal powder industry.

© 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.