Filtration Group sets first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, Nov. 4 - Filtration Group Corp. released price talk on its $565 million seven-year covenant-light first-lien term B (B1/B+) and $235 million eight-year covenant-light second-lien term loan (Caa1/B-) with its bank meeting on Monday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 1% Libor floor and a discount of 981/2, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien loan has call protection of 102 in year one and 101 in year two.

The company's $875 million credit facility also provides for a $75 million five-year revolver (B1/B+).

Commitments are due on Nov. 18, the source added.

Goldman Sachs Bank USA and BMO Capital Markets Corp. are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Porex Corp. from Aurora Capital Group.

Filtration Group is a Chicago-based developer, designer and manufacturer of liquid, air and fluid filtration solutions. Porex is a Fairburn, Ga.-based developer, manufacturer and distributor of porous polymer products.

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