CentroMotion flexes $545 million term loan to Libor plus 600 bps

By Sara Rosenberg

New York, July 7 – CentroMotion increased pricing on its $545 million first-lien term loan (B3/B) to Libor plus 600 basis points from talk in the range of Libor plus 500 bps to 525 bps and widened the original issue discount to 98 from 99, according to a market source.

Also, the call protection on the term loan was changed to a 102 soft call for 15 months from a 101 soft call for six months, the source said.

The term loan still has a 0.5% Libor floor.

Of the total term loan amount, $125 million is delayed-draw.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to fund the acquisition of Carlisle Brake & Friction, a manufacturer of friction materials and mechatronic solutions for off-highway brake and transmission products, from Carlisle Cos. Inc., to repay debt and for general corporate purposes.

CentroMotion, a portfolio company of One Rock Capital Partners, is a Waukesha, Wis.-based designer and manufacturer of highly engineered components and systems for the industrial and transportation markets.

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