Watlow launches $515 million term loan B at Libor plus 400-425 bps

By Sara Rosenberg

New York, March 3 – Watlow launched on Wednesday its $515 million seven-year term loan B (B) with price talk of Libor plus 400 basis points to 425 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BMO Capital Markets, BofA Securities Inc., Barclays and Citizens Bank are the leads on the deal.

Commitments are due at noon ET on March 15, the source added.

Proceeds will be used to help fund the buyout of the company by Tinicum LP.

Watlow is a St. Louis-based designer and manufacturer of complete thermal systems.

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