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Electrical Components launches $135 million term loan at 99.25 OID
By Sara Rosenberg
New York, Jan. 18 – Electrical Components International Inc. launched on Wednesday its $135 million add-on term loan with original issue discount talk of 99.25, according to a market source.
Pricing on the term loan is Libor plus 475 basis points with a 1% Libor floor.
Bank of America Merrill Lynch is the lead arranger on the deal.
Commitments are due on Jan. 26, the source said.
Proceeds will be used to fund the acquisition of Fargo Assembly Co., a Fargo, N.D.-based supplier of wire harnesses to the motorcycle, agriculture, construction and specialty transportation end-markets.
Closing is expected this quarter.
Electrical Components, a portfolio company of KPS Capital Partners LP, is a St. Louis-based manufacturer of wire harnesses and provider of value-added assembly services for the home appliance industry.
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