Dayco Products flexes $475 million term loan to Libor plus 500 bps

By Sara Rosenberg

New York, May 4 – Dayco Products LLC lifted pricing on its $475 million seven-year senior secured covenant-light term loan (B2/B+) to Libor plus 500 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99 from 99.5 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 0% Libor floor.

Bank of America Merrill Lynch, Barclays and Wells Fargo Securities LLC are the leads on the deal.

Recommitments were due at 4 p.m. ET on Thursday, the source added.

Proceeds will be used to repay existing term loan and revolver borrowings.

Dayco is a Troy, Mich.-based manufacturer of highly engineered engine management systems.

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