Key Safety Systems seeks $50 million add-on first-lien term loan

By Sara Rosenberg

New York, Aug. 6 – Key Safety Systems Inc. is in market with a $50 million add-on first-lien term loan (B+) due August 2021 that is talked at Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The spread and floor on the add-on term loan matches existing first-lien term loan pricing.

UBS AG is the bookrunner on the deal.

Commitments are due on Aug. 12, the source added.

Proceeds will be used to fund capital expenditures, a potential bolt-on acquisition and general corporate purposes.

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

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