Watlow launches $512 million term loan B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Nov. 1 – Watlow held a lender call at 2 p.m. ET on Monday to launch a $512 million term loan B that is talked at Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and a par issue price, according to a market source.

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

BMO Capital Markets is the lead on the deal.

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

Proceeds will be used to reprice an existing term loan B down from Libor plus 400 bps with a 0.5% Libor floor.

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

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