FCI trims term B to $250 million, ups spread to Libor plus 525 bps

By Sara Rosenberg

New York, Dec. 19 - FCI International SAS downsized its six-year covenant-light term loan B (B1/BB-) to $250 million from $300 million and increased pricing to Libor plus 525 basis points from talk of Libor plus 450 bps to 475 bps, according to a market source.

Also, the 101 soft call protection was extended to one year from six months, the source said.

As before, the loan has a 1% Libor floor and an original issue discount of 99.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to fund a dividend.

FCI is a manufacturer of connectors for use in electronic, micro-connector, electrical and automotive applications.

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