Sensata launches $913 million term loan at Libor plus 175 bps

By Sara Rosenberg

New York, Sept. 5 – Sensata Technologies Inc. launched on Thursday its roughly $913 million seven-year covenant-lite senior secured term loan B (Baa3/BBB-) with price talk of Libor plus 175 basis points with a 0% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Barclays, BofA Securities, Inc., Mizuho Bank and RBC Capital Markets are the leads on the deal.

Proceeds will be used to amend and extend an existing term loan B.

Commitments and consents are due at noon ET on Sept. 17, the source added.

Sensata is a producer of sensors and controls for manufacturers in the automotive, appliance, aircraft, industrial and HVAC markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.