Weber-Stephen ups term B to $1.25 billion at Libor plus 325 bps

By Sara Rosenberg

New York, Oct. 20 – Weber-Stephen Products LLC upsized its seven-year term loan B to $1.25 billion from $1.2 billion and set pricing at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

The company’s now $1.55 billion of credit facilities (B), up from $1.5 billion, also include a $300 million five-year revolver.

BofA Securities Inc., BMO Capital Markets, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., UBS Investment Bank and Wells Fargo Securities LLC are the leads on the deal.

Proceeds will be used to refinance existing debt and add liquidity.

Weber-Stephen is a manufacturer of charcoal, gas and electric grills and accessories.

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