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Electrical Components revises $40 million term loan B OID to 99.25
By Sara Rosenberg
New York, May 19 – Electrical Components International Inc. tightened the original issue discount on its fungible $40 million incremental term loan B (B+) due May 2021 to 99.25 from 99, according to a market source.
Pricing on the incremental term loan matches existing term loan pricing at Libor plus 475 basis points with a 1% Libor floor.
The debt includes a total net leverage covenant.
Bank of America Merrill Lynch is the lead arranger on the deal.
Recommitments were due at noon ET on Thursday, the source said.
Proceeds will be used to fund the acquisition of Whitepath Fab Tech Inc.
Closing is expected this month.
Electrical Components, a portfolio company of KPS Capital Partners LP, is a St. Louis-based manufacturer of wire harnesses and provider of value-added assembly services for the home appliance industry. Whitepath is an Ellijay, Ga.-based supplier of control boxes, wire harnesses and value added assembly services to the HVAC industry.
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