C.H.I. Overhead Doors lifts spread on first- and second-lien loans

By Sara Rosenberg

New York, Aug. 10 - C.H.I. Overhead Doors increased pricing on its $25 million five-year revolver and $127.5 million six-year first-lien term loan to Libor plus 575 basis points from Libor plus 525 bps, and on its $51 million 61/2-year second-lien term loan to Libor plus 950 bps from Libor plus 925, according to a market source.

Also, the original issue discount on the first-lien debt was moved to 98 from 99, while the 1.5% Libor floor was left unchanged, the source said.

And, the first-lien term loan saw the addition of 101 soft call protection for one year.

As before, the second-lien term loan has a 1.5% Libor floor, an original issue discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three.

GE Capital Markets and Wells Fargo Securities LLC are the lead banks on the $203.5 million credit facility.

Allocations are expected to go out early next week.

Proceeds will be used to help fund the buyout of the company by Friedman Fleischer & Lowe from JLL Partners.

C.H.I. Overhead Doors is a garage door company and a manufacturer of residential sectional garage doors, as well as commercial sectional and rolling steel.

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