Tower Automotive Holdings increases term loan B size to $420 million

By Sara Rosenberg

New York, April 5 - Tower Automotive Holdings USA LLC upsized its seven-year senior secured term loan B (B1) to $420 million from $275 million, according to a market source.

Price talk on the loan was left unchanged at Libor plus 475 basis points to 500 bps with a 1.25% Libor floor and an original issue discount of 99.

The loan still has 101 soft call protection for one year, amortization of 1% per annum and a maximum net leverage ratio of 3.75 times.

Commitments are due at 5 p.m. ET on April 12 and closing is targeted for April 17.

Citigroup Global Markets; Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners on the transaction.

Proceeds will be used to refinance all of the company's 10 5/8% senior secured notes, as opposed to taking out a portion of the notes.

Tower Automotive is a Livonia, Mich.-based supplier of automotive metal structural components and assemblies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.