TI Group Automotive launches $850 million term loan B at OID of 99

By Sara Rosenberg

New York, March 14 - TI Group Automotive LLC launched on Thursday its $850 million amended and upsized six-year term loan B with original issue discount talk of 99, according to a market source.

As previously reported, pricing on the loan is talked at Libor plus 450 basis points to 475 bps with a 1.25% Libor floor.

The B loan has 101 soft call protection for one year.

In addition to the term loan B, the company's $950 million credit facility includes a $100 million five-year ABL revolver.

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

Proceeds will be used to refinance an existing term loan B and fund a one-time dividend.

TI Group is an Auburn Hills, Mich.-based automotive supplier with a focus on fluid storage, transfer and delivery technology.

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