Duravant launches $155 million incremental term loan at 99.5 OID

By Sara Rosenberg

New York, Feb. 25 – Duravant LLC (Engineered Machinery Holdings Inc.) launched on Tuesday its $155 million incremental first-lien term loan due July 2024 with original issue discount talk of 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 425 basis points with a 1% Libor floor, in line with existing term loan pricing.

Along with the incremental term loan, the company is getting a $50 million incremental revolving credit facility.

Jefferies LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Antares Capital, Societe Generale and KeyBanc Capital Markets are the bookrunners on the deal.

Commitments are due at 2 p.m. ET on March 3, the source added.

Proceeds will be used to fund the acquisition Woodside Electronics Corp., a manufacturer of optical color and defect sorting equipment.

Duravant is a Downers Grove, Ill.-based automation solutions platform providing highly engineered equipment and related aftermarket parts and services.

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