C.H.I. Overhead launches $115 million incremental first-lien term loan

By Sara Rosenberg

New York, Nov. 15 – C.H.I. Overhead Doors Inc. held a lender call at 2 p.m. ET on Tuesday to launch a $115 million incremental first-lien term loan due July 31, 2022, according to a market source.

UBS Investment Bank and KKR Capital Markets are the bookrunners on the deal.

The incremental term loan is talked at Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

Proceeds will be used to refinance an existing second-lien term loan priced at Libor plus 775 bps with a 1% Libor floor.

Including the incremental loan, the first-lien term loan will total $428.6 million.

In connection with the transaction, pricing on the existing first-lien term loan will be lifted to Libor plus 375 bps from Libor plus 350 bps due to a leverage step, the source added.

C.H.I. Overhead is an Arthur, Ill.-based manufacturer and marketer of overhead garage doors.

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