Wesco sets talk on $415 million term loan B at Libor plus 300-325 bps

By Sara Rosenberg

New York, March 25 - Wesco Aircraft Hardware Corp. released price talk on its $415 million six-year term loan B at Libor plus 300 basis points to 325 bps with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source.

The term loan B includes 101 soft call protection for one year.

The company's $765 million credit facility (Ba3/BB-) also includes a $150 million five-year revolver and a $200 million five-year term loan A, both talked at Libor plus 300 bps with no Libor floor and an offer price of 99. The revolver has a 50 bps unused fee.

A bank meeting for the revolver and term loan A took place on March 16. However, the term loan B was not launched at that time because of market conditions.

Instead of doing a formal launch for the B loan, lenders were simply posted on price talk on Friday and given the information to listen to the replay of the March 16 meeting.

Commitments on the credit facility are due on Wednesday.

Bank of America Merrill Lynch and Barclays Capital Inc. are the joint lead arrangers and bookrunners on the deal with J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., RBC Capital markets LLC and Sumitomo.

Proceeds will be used to refinance existing debt.

Wesco is a Valencia, Calif.-based integrated inventory management services provider and distributor of hardware and other components to the aerospace industry.

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