Howden readies launch of $250 million add-on term loan for Monday

By Sara Rosenberg

New York, Oct. 29 – Howden will hold a lender call at 11 a.m. ET on Monday to launch a fungible $250 million add-on term loan, according to a market source.

JPMorgan Chase Bank is the lead on the deal.

Pricing on the add-on term loan is Libor plus 400 basis points with a 0% Libor floor, in line with existing term loan pricing.

The add-on term loan is talked with an original issue discount of 99.125 to 99.375, the source said.

Commitments are due at 5 p.m. ET on Thursday.

Proceeds will be used to fund the acquisition of Compressor Products International, a Houston-based provider of aftermarket components and services to the global reciprocating compressor market, to add cash to the balance sheet and for general corporate purposes.

Howden is a Glasgow, Scotland-based provider of mission critical air and gas handling products and services.

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