Filtration Group firms $1.15 billion term B at Libor plus 300 bps

By Sara Rosenberg

New York, June 27 – Filtration Group Corp. set pricing on its $1,154,000,000 senior secured term loan B due November 2020 at Libor plus 300 basis points, the high end of the Libor plus 275 bps to 300 bps talk, according to a market source.

Also, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

As before, the term loan has a 0% Libor floor and a par issue price.

Pro forma for a June 30 repayment, the term loan size will actually be $1,151,000,000.

Goldman Sachs Bank USA, BMO Capital Markets and J.P. Morgan Securities LLC are the leads on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Closing is expected during the week of July 3, the source added.

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

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