Remy International firms term loan B spread at Libor plus 300 bps

By Sara Rosenberg

New York, Feb. 27 - Remy International Inc. set pricing on its $300 million term loan B (B1/B+) at Libor plus 300 basis points, the tight end of the Libor plus 300 bps to 325 bps talk, according to a market source.

Also, the original issue discount on the term loan was set at 993/4, the low end of the 99½ to 99¾ guidance, the source said.

The 1.25% Libor floor and 101 soft call protection for six months were unchanged.

Proceeds will be used to refinance an existing term loan B that is priced at Libor plus 450 bps with a 1.75% Libor floor, to add cash to the balance sheet and for general corporate purposes.

Bank of America Merrill Lynch is the lead bank on the deal.

Remy is a Pendleton, Ind.-based manufacturer, remanufacturer and distributor of starters and alternators for light vehicle and commercial vehicle applications, locomotive products and hybrid electric motors.

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