Mannington Mills flexes $275 million term B to Libor plus 375 bps

By Sara Rosenberg

New York, Sept. 19 – Mannington Mills raised pricing on its $275 million seven-year covenant-light term loan B (B1/BB-) to Libor plus 375 basis points from Libor plus 350 bps, according to a market source.

In addition, the 101 soft call protection was extended to one year from six months and the MFN sunset provision was removed, the source said.

As before, the term loan has a 1% Libor floor, an original issue discount of 99 and amortization of 1% per annum.

Allocations are targeted for Monday, the source added.

RBC Capital Markets LLC and Societe Generale are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

Net leverage is 2.9 times.

Mannington Mills is a Salem, N.J.-based manufacturer of residential and commercial sheet vinyl, luxury vinyl, laminate, hardwood and porcelain tile floors, as well as commercial carpet and rubber.

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