Filtration Group sets talk in $341 million incremental first-lien loan

By Paul A. Harris

Portland, Ore., Oct. 17 – Filtration Group Corp. set price talk for its $341 million incremental first-lien term loan B due November 2020 (B2/B) at a 325 basis points spread to Libor atop a 1% Libor floor with an original issue discount of 99 to 99.5, according to a market source.

Commitments are due Oct. 25.

Goldman Sachs & Co. is the left bookrunner. BMO Securities is the joint bookrunner.

The deal features 101 soft call protection for six months on new and existing money and a 1% annual amortization.

There will be $237 million issued in delayed settle form. There will be no ticking fee for the first 30 days, a ticking fee at 50% of the margin from days 31 through 60, and a fee at 100% of the margin from day 61 on.

Proceeds will be used to fund an acquisition and to pay down second-lien term loan borrowings, the source said.

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

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