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Unifrax discloses first- and second-lien term loan price talk
By Sara Rosenberg
New York, Oct. 26 – Unifrax released price talk on its fungible $57 million add-on first-lien term loan (B2/B), repricing of its $458,850,000 first-lien term loan (B2/B), repricing of its €186 million first-lien term loan (B2/B) and $100 million second-lien term loan (Caa1/B-) with its lender call on Thursday, according to a market source.
The add-on first-lien term loan and U.S. first-lien term loan are talked at Libor plus 350 basis points with a 1% Libor floor, the euro first-lien term loan is talked at Euribor plus 375 bps with a 0% floor, and the second-lien term loan is talked at Libor plus 750 bps to 775 bps with a 1% Libor floor and an original issue discount of 99, the source said.
The add-on first-lien term loan is talked with an original issue discount of 99.75, and the repricing of the U.S. and euro first-lien term loans are offered with a 10 bps amendment fee.
All of the first-lien term loan debt has 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.
Goldman Sachs Bank USA, KeyBanc Capital Markets and ING are the leads on the deal.
Proceeds from the add-on term loan and second-lien term loan will be used to fund a dividend recapitalization, the U.S. first-lien term loan repricing will take the existing term loan down from Libor plus 375 bps with a 1% Libor floor and the euro first-lien term loan repricing will take the existing term loan down from Euribor plus 400 bps with a 0% floor.
Commitments are due at 5 p.m. ET on Wednesday, the source added.
Unifrax is a Tonawanda, N.Y.-based specialty materials platform focused on providing innovative thermal management, filtration and energy solutions for end markets and applications.
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