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TI Group Automotive widens OID on $100 million add-on loan to 97.625
By Sara Rosenberg
New York, Dec. 14 – TI Group Automotive Systems LLC revised the original issue discount on its fungible $100 million add-on term loan to 97.625 from 98, according to a market source.
Pricing on the add-on matches existing term loan pricing at Libor plus 350 basis points with a 1% Libor floor.
As before, all of the term loan debt will get 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used for general corporate purposes.
TI Group is an Oxford, England-based provider of fluid storage, carrying and delivery systems to automotive manufacturers.
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