Adient shops $1 billion term loan B at Libor plus 350-375 bps

By Sara Rosenberg

New York, March 30 – Adient is in market with a $1 billion term loan B (BB-) that is talked at Libor plus 350 basis points to 375 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

BofA Securities Inc. is the left lead on the deal that launched with a call on Monday.

Proceeds will be used to help refinance an existing term loan B and notes.

Commitments are due on Thursday, the source added.

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

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