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Firth Rixson seeks $420 million and £180 million term loan repricing
By Sara Rosenberg
New York, Jan. 30 - Firth Rixson Ltd. is looking to reprice its $420 million U.S. first-lien term loan to Libor plus 300 basis points with a 1.25% Libor floor from Libor plus 425 bps with a 1.25% Libor floor, according to a market source.
In addition, the company is asking to reprice its £180 million first-lien term loan to Libor plus 375 bps to 400 bps with a 1.25% floor from Libor plus 475 bps with a 1.25% Libor floor, the source said.
Both repriced loans are being offered at par and have 101 soft call protection for six months, the source added.
Existing lenders are getting paid out 101 due to current call protection.
Deutsche Bank Securities Inc., Barclays, HSBC, Lloyds Securities LLC and GE Capital Markets are leading the deal.
Firth Rixson is a Sheffield, England-based provider of seamless rolled rings, closed die forgings, open die forgings, extruded forgings and specialty metals primarily to the aerospace market.
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