Consolidated Aerospace firms term loan spread at Libor plus 375 bps

By Sara Rosenberg

New York, Aug. 6 – Consolidated Aerospace Manufacturing LLC finalized pricing on its $240 million seven-year covenant-light term loan at Libor plus 375 basis points, the wide end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $265 million credit facility (BB-) also includes a $25 million five-year revolver.

Citizens Bank is the lead on the deal.

Allocations are targeted for Monday, the source said.

Proceeds will be used to refinance existing debt.

Consolidated Aerospace is a Fullerton, Calif.-based manufacturer of components principally for the aerospace industry.

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