Filtration Group sets OID on $341 million incremental term B at 99.5

By Sara Rosenberg

New York, Oct. 26 – Filtration Group Corp. firmed the original issue discount on its $341 million incremental first-lien term loan B (B2/B) due November 2020 at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan B is Libor plus 325 basis points with a 1% Libor floor.

The new and existing term loan B debt will get 101 soft call protection through June 30, 2017.

Of the total incremental term loan B amount, $237 million is delayed-draw with a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

Goldman Sachs Bank USA and BMO Capital Markets are the bookrunners on the deal.

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

Closing on the funded piece is expected during the week of Oct. 31, and closing on the delayed-draw portion is expected prior to March 31, 2017, the source added.

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

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