Chromalloy cuts spread on $900 million term loan to SOFR plus 375 bps

By Sara Rosenberg

New York, March 21 – Chromalloy Corp. reduced pricing on its $900 million seven-year term loan B (B2/B) to SOFR plus 375 basis points from SOFR plus 400 bps, according to a market source.

The term loan still has a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

RBC Capital Markets, Goldman Sachs Bank USA, BofA Securities Inc., UBS Investment Bank, BMO Capital Markets, Mizuho, PSP, Citizens and MUFG are the arrangers on the deal.

Recommitments were scheduled to be due at 4 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance the company’s existing term loan, which was provided by direct lenders as part of the acquisition of the business by Veritas Capital in November 2022.

Chromalloy is a Palm Beach Gardens, Fla.-based provider of proprietary engine solutions, primarily for the commercial aerospace, energy and military end 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.