Filtration Group firms $400 million term B at Libor plus 375 bps

By Sara Rosenberg

New York, Oct. 16 – Filtration Group Corp. finalized pricing on its $400 million incremental first-lien term loan B (B3/B) due March 29, 2025 at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, and added a 25 bps step-down at 0.5 times inside closing date total net leverage, according to a market source.

Also, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Goldman Sachs Bank USA and J.P. Morgan Securities LLC are the leads on the deal. BMO Capital Markets, HSBC Securities (USA) Inc. and CIBC are the co-managers.

Proceeds will be used to fund a dividend recapitalization.

Closing is expected during the week of Oct. 19.

Filtration Group is a provider of filtration solutions serving a diverse portfolio of global end markets.

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