Circor launches $530 million term loan at Libor plus 450-475 bps

By Sara Rosenberg

New York, Dec. 3 – Circor International Inc. launched on Friday its $530 million seven-year term loan with price talk of Libor plus 450 basis points to 475 bps with a 0.5% 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, the source said.

The company’s $630 million of credit facilities (B2/B-) also include a $100 million five-year revolver.

Truist Securities, Citizens Bank and KeyBanc Capital Markets are the joint lead arrangers on the deal.

Commitments are due on Dec. 16, the source added.

Proceeds will be used to refinance existing debt and pay transaction related fees.

Circor is a Burlington, Mass.-based provider of mission critical flow control products and services for the industrial and aerospace & defense markets.

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