Federal-Mogul pulls term loan B amendment and extension from market

By Sara Rosenberg

New York, Dec. 19 - Federal-Mogul Corp. withdrew its term loan B amendment and extension offer, according to a news release.

The company was seeking to extend some of its roughly $1.8 billion term loan B to January 2017 from December 2014 at pricing of Libor plus 375 basis points, versus non-extended pricing of Libor plus 193.75 bps.

Lenders were offered a 2.5 bps consent fee and a 10 bps extension fee.

In addition, the company was looking to increase its asset-based revolving credit facility and extend the maturity as well.

J.P. Morgan Securities LLC and Wells Fargo Capital Finance LLC were leading the deal.

Federal-Mogul is a Southfield, Mich.-based supplier of powertrain and safety technologies.

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