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Dexter Axle flexes $185 million term loan B to Libor plus 475 bps
By Sara Rosenberg
New York, Nov. 5 - Dexter Axle reduced pricing on its $185 million six-year term loan B to Libor plus 475 basis points from talk of Libor plus 500 bps to 525 bps, according to a market source.
Also, the Libor floor on the term loan B was tightened to 1.25% from 1.5%, and 101 soft call protection for one year was added, the source said.
The original issue discount was unchanged at 99.
The company's $210 million credit facility also includes a $25 million five-year revolver.
BNP Paribas Securities Corp. led the deal that was used to help fund the buyout of the company by Sterling Group from Pinafore Holdings BV for about $360 million.
Other funds for the transaction came from $60 million of mezzanine debt.
Dexter Axle is an Elkhart, Ind.-based manufacturer of trailer axle, brake and suspension assemblies and related replacement parts and components.
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