HHI Group firms spread on $505 million term B at Libor plus 475 bps

By Sara Rosenberg

New York, Oct. 3 - HHI Group Holdings LLC set pricing on its $505 million term loan B at Libor plus 475 basis points, the wide end of the Libor plus 450 bps to 475 bps talk, according to a source.

The loan still has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

The company's $580 million credit facility (B2/B+) also includes $75 million revolver.

Goldman Sachs & Co., UBS Securities LLC, Macquarie Capital and Nomura are leading the deal.

Proceeds will be used to help fund the buyout of the company by American Securities from KPS Capital Partners LP and MC Capital Inc.

HHI is a Royal Oak, Mich.-based manufacturer of wheel bearings, engine-timing drive systems and forged parts for various power train and wheel-end applications.

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