Bad Boy Mowers firms $250 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, March 9 – Bad Boy Mowers set pricing on its $250 million term loan B at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk and added a 25 bps step-down at total secured net leverage of 3.25x, according to a market source.

In addition, the original issue discount on the term loan was tightened to 99.75 from 99, the source said.

The term loan still has a 0.75% Libor floor.

The company’s $290 million of credit facilities also include a $40 million revolver.

BNP Paribas Securities Corp. is the lead on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to refinance an existing term loan and mezzanine debt.

Bad Boy Mowers is a manufacturer of high-performance lawn mowers.

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