Howden cuts spread on $889 million term loan B to Libor plus 400 bps

By Sara Rosenberg

New York, Jan. 22 – Howden lowered pricing on its $889 million term loan B to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.

Also, the issue price on the term loan firmed at par, the tight end of the 99.875 to par talk, the source said.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 525 bps with a 0% Libor floor.

Howden is a Glasgow, Scotland-based provider of mission critical air and gas handling products and services to the industrial, power, oil & gas and mining industries.

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