Wyle launches $250 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, May 7 - Wyle Services Corp. launched on Wednesday its $250 million seven-year term loan with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and a 25 bps pricing step-down at B1/B+ corporate ratings, the source said. Current corporate ratings are B2/B+.

J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Regions Capital Markets are the leads on the deal (B1/BB).

Proceeds will be used to refinance existing debt.

Wyle is an El Segundo, Calif.-based provider of high-tech aerospace engineering, information technology and scientific services to the federal government.

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