MMI trims term B to $180 million, ups spread to Libor plus 600 bps

By Sara Rosenberg

New York, May 2 - MMI International Ltd. downsized its 51/2-year senior secured term loan B to $180 million from $230 million and raised pricing to Libor plus 600 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

In addition, the original issue discount widened to 97 from 981/2, the source said.

The loan still has a 1.25% Libor floor.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing term loan.

MMI is a Singapore-based technology company with a focus on key components for the hard disk drive industry.

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