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Remy lowers spread on $300 million term loan B to Libor plus 450 bps
By Sara Rosenberg
New York, Dec. 16 - Remy International Inc. reduced pricing on its $300 million term loan B (B1/B+) to Libor plus 450 basis points from Libor plus 475 bps, according to a market source.
As before, the loan has a 1.75% Libor floor and 101 soft call protection for one year and is being offered at an original issue discount of 99.
Recommitments were due on Thursday, and allocations are expected to go out on Friday.
The company's $395 million credit facility also includes a $95 million ABL revolver.
Bank of America, UBS, Wells Fargo and Barclays are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Remy is a Pendleton, Ind.-based provider of alternators, starters and hybrid motors for the heavy-duty and light-duty original equipment markets, and remanufactured alternators and starters to the aftermarket.
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