Adient finalizes $1 billion term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, April 1 – Adient firmed pricing on its $1 billion seven-year covenant-lite term loan B (BB-) at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.

In addition, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

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

BofA Securities Inc. is the left lead on the deal.

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

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

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