TI Group cuts spread on $300 million term B to Libor plus 325 bps

By Sara Rosenberg

New York, April 9 – TI Group Automotive Systems reduced pricing on its $300 million term loan B (Ba3/BB+) to Libor plus 325 basis points from Libor plus 350 bps, according to a market source.

Furthermore, the original issue discount on the U.S. term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

Also, pricing on the company’s €265 million term loan B (Ba3/BB+) was lowered to Euribor plus 325 bps from initial talk of Euribor plus 350 bps and the issue price finalized at par, the tight end of initial talk of 99.5 to par.

The U.S. term loan still has a 0.5% Libor floor and the euro term loan still has a 0% floor.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used with €600 million of senior notes and cash on hand to refinance the company’s existing senior secured credit facilities.

TI Group is an Oxford, U.K.-based provider of fluid storage, carrying and delivery systems to automotive manufacturers.

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