Unifrax reveals price talk on first- and second-lien term loans

By Sara Rosenberg

New York, Oct. 16 – Unifrax (ASP Unifrax Holdings Inc.) released price talk on its $550 million seven-year covenant-light first-lien term loan (B3), $350 million equivalent euro seven-year covenant-light first-lien term loan (B3) and $300 million eight-year covenant-light second-lien term loan (Caa2) with its lenders’ presentation in New York on Tuesday, according to a market source.

A presentation for European lenders will take place in London on Wednesday.

Price talk on the U.S. and euro first-lien term loans is Libor/Euribor plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 775 bps to 800 bps with a 0% Libor floor and a discount of 99, the source said.

The first-lien term loans have 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Amortization on the U.S. first-lien term loan is 1% per annum. The euro term loan and the second-lien term loan have no amortization.

The company’s $1,325,000,000 equivalent of senior secured credit facilities also include a $125 million five-year revolver (B3).

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, UBS Investment Bank, RBC Capital Markets and Stifel, Nicolaus & Co. are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on Oct. 30, the source added.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP from American Securities LLC.

Unifrax is a Tonawanda, N.Y.-based supplier of high-performance specialty fibers and inorganic materials used in emission control, thermal management, filtration, battery and fire protection applications.

© 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.