Filtration Group updates pricing on U.S. and euro term loans

By Sara Rosenberg

New York, March 28 – Filtration Group Corp. reduced pricing on its $1,344,000,000 seven-year senior secured first-lien term loan B (B2/B) to Libor plus 300 basis points from talk in the range of Libor plus 325 bps to 350 bps and firmed pricing on its €250 million seven-year senior secured first-lien term loan B (B2/B) at Euribor plus 350 bps, the low end of the Euribor plus 350 bps to 375 bps talk, according to a market source.

Also, the original issue discount on both term loans was revised to 99.75 from 99.5, the source said.

The term loan debt still has a 0% floor, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA and J.P. Morgan Securities LLC are the bookrunners on the deal. Co-managers include BMO Capital Markets and HSBC Securities (USA) Inc.

Recommitments from U.S. investors were scheduled to be due at 5 p.m. ET on Wednesday and recommitments from euro investors are due at 8 a.m. ET on Thursday, the source added.

Proceeds will be used to fund mergers and acquisitions and to refinance existing debt.

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

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