TRW up to $300 million of new bank debt to be added to existing term loan B

By Sara Rosenberg

New York, Oct. 28 - TRW Automotive Holdings Corp. will be taking out the up to $300 million of incremental bank debt under its existing term loan B tranche, a company spokesman told Prospect News Friday.

The existing term loan B is priced with an interest rate of Libor plus 150 basis points, and pricing on the new term loan debt is expected to fall in line with the current rate.

The company will launch the incremental term loan debt with a conference call sometime next week.

JPMorgan is the lead bank on the deal.

Proceeds will be used to replenish liquidity at the company that was used to fund the acquisition of a majority share of Dalphi Metal Espana, SA, a European based manufacturer of airbags and steering wheels, for about $134 million.

In addition, proceeds can also be used for the possible retirement or repurchase of the company's existing debt securities or for other corporate purposes.

TRW is a Livonia, Mich.-based provider of advanced technology products and services for the automotive markets.

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