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Electrical Components sets first- and second-lien term loan price talk
By Sara Rosenberg
New York, June 4 – Electrical Components International Inc. announced price talk on its $570 million seven-year first-lien term loan (B1) and $125 million eight-year second-lien term loan (Caa1) in connection with its lender call on Monday, according to a market source.
Price talk on the first-lien term loan is Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 775 bps to 800 bps with a 0% Libor floor and a discount of 99, the source said.
The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.
The company’s $795 million of credit facilities also include a $100 million five-year revolver (B1).
Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, Bank of America Merrill Lynch and Jefferies LLC are the arrangers on the deal, with Barclays as the administrative agent.
Commitments are due at noon ET on June 14, the source added.
Proceeds will be used to help fund the buyout of the company by Cerberus Capital Management LP from KPS Capital Partners LP.
Closing is subject to customary conditions.
Electrical Components is a St. Louis-based manufacturer of wire harnesses, control boxes and value-added assembly services for consumer appliance and specialty-industrial applications.
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