TMS International talks $465 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, July 31 – TMS International Corp. held a call on Monday morning to launch a $465 million seven-year first-lien term loan (BB-) that is talked at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

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

Proceeds will be used to refinance existing debt.

TMS is a Glassport, Pa.-based provider of mill services for steelmakers.

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