Key Safety widens discount on $75 million add-on term B to 95½

By Sara Rosenberg

New York, April 11 - Key Safety Systems Inc. revised the original issue discount on its $75 million add-on term loan B to 95½ from the 96 area, according to a market source.

Pricing on the add-on due March 2014 is Libor plus 225 basis points.

The spread and maturity on the add-on loan match that of the existing term loan B.

UBS Securities LLC and Citigroup Global Markets Inc. are the lead banks on the deal.

Proceeds will be used to refinance revolver borrowings and provide additional liquidity.

Key Safety Systems is a Sterling Heights, Mich.-based supplier of automotive safety components and systems.

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