Dayco Products to launch $470 million term loan B on Tuesday

By Sara Rosenberg

New York, April 4 – Dayco Products LLC is set to hold a lender call at noon ET on Tuesday to launch a $470 million term loan B due May 2025, according to a market source.

BofA Securities Inc. is the lead on the deal.

The term loan has 102 hard call protection for one year and then 101 hard call protection for six months, the source said.

Amortization on the term loan is 1% for six months, then 1.5% for months seven to 18 and 2% thereafter.

Proceeds will be used to refinance/extend an existing $452 million term loan due May 2023 that is priced at Libor plus 425 basis points with a 0% Libor floor.

Dayco is a Roseville, Mich.-based engine products and drive systems manufacturer for the automotive, heavy-duty, and industrial market segments.

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