Sundyne finalizes $450 million term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, April 23 – Sundyne US Purchaser Inc. firmed pricing on its $450 million seven-year covenant-lite first-lien term loan B at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

In addition, the original issue discount on the term loan B was tightened to 99.75 from 99, the source said.

The term loan B still has a 0% Libor floor and 101 soft call protection for six months.

The company’s $550 million of credit facilities (B2/B) also include a $100 million five-year revolver.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and RBC Capital Markets LLC are the joint lead arrangers and bookrunners on the deal.

Recommitments were scheduled to be due at 3 p.m. ET on Tuesday, the source added.

Proceeds will be used to recapitalize the company and fund a distribution to shareholders.

Sundyne is an Arvada, Colo.-based designer and manufacturer of pumps and compressors.

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