Filtration launches $115 million add-on first-lien loan at 99.75 OID

By Sara Rosenberg

New York, May 11 – Filtration Group Corp. launched on Monday its $115 million add-on first-lien term loan (B1) with original issue discount talk of 99.75, according to a market source.

Pricing on the add-on term loan is Libor plus 325 basis points with a 1% Libor floor, in line with the existing first-lien term loan.

Goldman Sachs Bank USA is the lead bank on the deal.

Proceeds will be used to pay down second-lien term loan borrowings.

In addition, the company is seeking an amendment to its existing credit facility to allow for the paydown and to remove a leverage-based step-up in pricing on the first-lien term loan to Libor plus 350 bps.

Lenders are being offered a 12.5 bps amendment fee, the source added.

Filtration Group is a Chicago-based manufacturer and distributor of filtration products to end markets.

© 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.