Key Safety shifts funds between tranches, cuts term loan pricing

By Sara Rosenberg

New York, May 2 - Key Safety Systems Inc. upsized its five-year first-lien term loan B to $400 million from $395 million and downsized its 41/2-year revolver to $70 million from $75 million, according to a market source.

Also, pricing on the term loan was reduced to Libor plus 375 basis points from Libor plus 400 bps and the Libor floor was cut to 1% from 1.25%.

As before, the term loan has an original issue discount of 991/2, 101 soft call protection for one year and amortization of 1% per annum.

Recommitments were due at 4 p.m. ET on Thursday, the source added.

UBS Securities LLC is the lead bank on the $470 million credit facility (B1/B+).

Proceeds will be used to refinance existing debt.

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

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