Celestica cuts spread on $350 million term B to Libor plus 200 bps

By Sara Rosenberg

New York, June 15 – Celestica Inc. reduced pricing on its $350 million seven-year covenant-light term loan B (Ba1/BB+) to Libor plus 200 basis points from talk in the range of Libor plus 225 bps to 250 bps, according to a market source.

As before, the term loan has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the lead arrangers on the deal.

Allocations are expected on Monday, the source added.

Proceeds will be used to repay the company’s existing credit facilities.

Celestica is a Toronto-based designer and manufacturer of electronic components.

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