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TI Automotive ups spread on $200 million term to Libor plus 650 bps
By Sara Rosenberg
New York, June 28 - TI Automotive increased pricing on its $200 million six-year term loan to Libor plus 650 basis points from Libor plus 550 bps, according to a market source.
As before, the loan has a 2% Libor floor and 101 soft call protection for one year and is being offered at an original issue discount of 98.
Price talk on the company's proposed $50 million four-year asset based revolver was left unchanged at Libor plus 350 bps.
Citigroup is the lead bank on the term loan, and Citi and UBS are leading the revolver.
Commitments towards the term loan had been due on Friday; however, now they are being asked to be placed sometime this week, the source said.
Proceeds will be used to refinance existing debt.
TI Automotive is a provider of fluid storage, carrying and delivery technology to automotive manufacturers.
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