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Unifrax moves funds between first- and second-lien term loans
By Sara Rosenberg
New York, Nov. 2 – Unifrax (ASP Unifrax Holdings Inc.) upsized its U.S. seven-year covenant-light first-lien term loan B to $600 million from $550 million and downsized its U.S. eight-year covenant-light second-lien term loan to $250 million from $300 million, according to a market source.
In addition, pricing on the U.S. first-lien term loan B and on the company’s $350 million equivalent euro seven-year covenant-light first-lien term loan B was set at Libor/Euribor plus 375 basis points, the low end of the Libor/Euribor plus 375 bps to 400 bps talk, the source said.
Pricing on the second-lien term loan was increased to Libor plus 850 bps from talk in the range of Libor plus 775 bps to 800 bps.
Furthermore, the original issue discount on the second-lien term loan was changed to 96 from 99, and the hard call protection was revised to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two, the source continued.
All of the term loans still have a 0% floor, and the first-lien term loans still have a discount of 99.5 and 101 soft call protection for six months.
The company’s $1,325,000,000 equivalent of senior secured credit facilities also include a $125 million five-year revolver.
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.
Recommitments were scheduled to be due at 4:30 p.m. ET on Friday, 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.
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