Ferro firms $300 million term loan B at Libor plus 325 bps, cuts floor

By Sara Rosenberg

New York, July 25 – Ferro Corp. set pricing on its $300 million seven-year term loan B at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, and reduced the Libor floor to 0.75% from 1%, according to a market source.

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

The B loan still has an original issue discount of 99˝.

The company’s $500 million credit facility (Ba3/B+) also includes a $200 million five-year revolver.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Ferro is a Mayfield Heights, Ohio-based supplier of technology-based performance materials, including glass-based coatings, pigments and colors, and polishing materials.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.