Columbus McKinnon sets $450 million term B at Libor plus 275 bps

By Sara Rosenberg

New York, May 13 – Columbus McKinnon Corp. firmed pricing on its $450 million seven-year senior secured first-lien term loan B (Ba2/B+) at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

In addition, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

JPMorgan Chase Bank, Wells Fargo Securities LLC and PNC Bank are the leads on the deal.

Proceeds will be used to help refinance existing debt and support the recently completed acquisition of Dorner Manufacturing Corp. from EQT for $485 million.

Columbus McKinnon is a Getzville, N.Y.-based designer, manufacturer and marketer of intelligent motion solutions that efficiently and ergonomically move, lift, position, and secure materials. Dorner is a Hartland, Wis.-based manufacturer of high-precision, specialty conveyor systems.

© 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.