Universal Fiber hikes spread talk on $40 million second-lien loan to Libor plus 925 bps

By Paul A. Harris

Portland, Ore., Sept. 29 – Universal Fiber Systems LLC lifted spread talk on its $40 million second-lien term loan (Caa1/CCC+) to Libor plus 925 basis points from earlier talk of Libor plus 850 bps to 875 bps, according to a market source.

The reoffer price remains unchanged at 98, as do the 1% Libor floor, and the hard calls at 102 and 101.

As reported, pricing on the $165 million first-lien term loan (B1/B+) widened earlier to Libor plus 525 bps to 550 bps from Libor plus 475 bps to 500 bps.

The company’s $240 million credit facility also provides for a $35 million revolver (B1).

BNP Paribas Securities Corp. and Goldman Sachs Bank USA are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by H.I.G. Capital.

Universal Fiber Systems is a Bristol, Va.-based manufacturer of high-performance, specialty synthetic fibers for segments of the commercial carpet, transportation carpet and specialty textile industries.

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