TMS International firms $446.6 million term loan at par issue price

By Sara Rosenberg

New York, Jan. 18 – TMS International Corp. set the issue price on its $446.6 million term loan B due 2030 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR plus 425 basis points with a 0.5% floor.

The term loan has 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 475 bps with a 0.5% floor.

TMS is a Pittsburgh-based provider of on-site industrial steel mill services for steelmakers.

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