Firth Rixson firms £180 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 12 - Firth Rixson Ltd. finalized pricing on its £180 million first-lien term loan at Libor plus 375 basis points, the tight end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Pricing on the company's $420 million U.S. first-lien term loan is unchanged at Libor plus 300 bps.

Both term loans have a 1.25% Libor floor, a par offer price and 101 soft call protection for six months.

Proceeds will be used to reprice the existing Sterling term loan from Libor plus 475 bps with a 1.25% Libor floor and the existing U.S. term loan from Libor plus 425 bps with a 1.25% Libor floor.

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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