Dexter Axle firms $255 million term loan at Libor plus 350 bps

By Sara Rosenberg

New York, March 4 - Dexter Axle Co. finalized pricing on its $255 million covenant-light term loan at Libor plus 350 basis points, the tight end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The loan still has a 1% Libor floor, an original issue discount of 99½ for new money, a discount of 99¾ for old money and 101 soft call protection for six months.

The company's $280 million credit facility also includes a $25 million revolver.

BNP Paribas Securities Corp. is the lead bank on the deal that allocated on Friday.

Proceeds will be used to refinance existing debt, including mezzanine debt.

Net senior and net total leverage is 3.9 times.

Dexter Axle is an Elkhart, Ind.-based manufacturer of trailer axles and trailer brakes.

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