Doosan Bobcat cuts spread on $850 million term B to SOFR plus 250 bps

By Sara Rosenberg

New York, March 31 – Doosan Bobcat reduced pricing on its $850 million seven-year term loan B to SOFR+10 basis points CSA plus 250 bps from talk in the range of 275 bps to 300 bps, according to a market source.

Also, the original issue discount talk on the term loan was changed to a range of 98 to 98.5 from 97.5, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

BofA Securities Inc., JPMorgan Chase Bank, PNC Capital Markets and TD Securities (USA) LLC are the lead banks on the deal.

Commitments continue to be due at noon ET on Friday, the source added.

Proceeds will be used to refinance existing debt.

Doosan Bobcat is a manufacturer of compact farm and construction equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.