Thor Industries sets $942 million term loan at Libor plus 300 bps

By Sara Rosenberg

New York, March 19 – Thor Industries Inc. firmed pricing on its $942 million term loan (BB+) at Libor plus 300 basis points, the high end of the revised talk of Libor plus 275 bps to 300 bps but the low end of initial talk of Libor plus 300 bps to 325 bps, according to a market source.

The term loan still has a 0% Libor floor and a par issue price.

The company is also getting a €503 million term loan (BB+) priced at Euribor plus 300 bps with a 0% floor and a par issue price.

Previously in syndication, pricing on the euro term loan was lowered from talk in the range of Euribor plus 325 bps to 350 bps, and the issue price on both term loans finalized at the tight end of the 99.875 to par talk.

JPMorgan Chase Bank is the left lead on the deal.

Proceeds will be used to reprice existing U.S. and euro term loans.

Thor Industries is an Elkhart, Ind.-based manufacturer of recreational vehicles.

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