WireCo to launch $472 million term loan B on Tuesday

By Sara Rosenberg

New York, Dec. 11 – WireCo WorldGroup Inc. is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a $472 million term loan B due November 2028, according to a market source.

JPMorgan Chase Bank is the lead on the deal.

Price talk on the term loan is SOFR plus 375 basis points with a 25 bps step-down upon an initial public offering, a 0% floor and an original issue discount of 99.75 to par, the source said.

The term loan has 101 soft call protection for six months and 0 bps CSA.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan down from SOFR+CSA plus 425 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

WireCo is a Prairie Village, Kan.-based manufacturer and distributor of wires and synthetic ropes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.