Tower Automotive launches $420 million term B at Libor plus 375 bps

By Sara Rosenberg

New York, July 17 - Tower Automotive Holdings USA LLC launched with its call on Wednesday a $420 million senior secured term loan B due April 23, 2020 that is talked at Libor plus 375 basis points with a 1% Libor floor and a par offer price, according to a market source.

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

Commitments are due at 5 p.m. ET on July 24.

Citigroup Global Markets and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan B from Libor plus 450 bps with 1.25% Libor floor.

Closing is targeted for July 29, the source added.

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

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