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Watlow finalizes $515 million term loan B at Libor plus 400 bps
By Sara Rosenberg
New York, March 16 – Watlow firmed pricing on its $515 million seven-year term loan B (B2/B) at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.
The term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.
BMO Capital Markets, BofA Securities Inc., Barclays and Citizens Bank are the leads on the deal.
Proceeds will be used to help fund the buyout of the company by Tinicum LP.
Watlow is a St. Louis-based designer and manufacturer of complete thermal systems.
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