Thor Industries revises U.S. and euro term loan sizes and pricing

By Sara Rosenberg

New York, Oct. 31 – Thor Industries Inc. downsized its U.S. seven-year term loan B to $1,515,000,000 from $1,866,000,000 and upsized its euro seven-year term loan B to €675 million from €350 million, according to a market source.

Also, pricing on the U.S. term loan was increased to Libor plus 375 basis points from talk in the range of Libor plus 300 bps to 325 bps and pricing on the euro term loan was lifted to Euribor plus 400 bps from talk in the range of Euribor plus 300 bps to 325 bps, the source said.

Furthermore, the original issue discount on both term loans widened to 99 from 99.5 and the 101 soft call protection was extended to one year from six months.

Both term loans still have a 0% floor.

J.P. Morgan Securities LLC, Barclays, BMO Capital Markets, U.S. Bank and Wells Fargo Securities LLC are the leads on the deal.

Proceeds will be used to help fund the acquisition of Erwin Hymer Group SE for about €2.1 billion in cash and equity.

Closing is expected near year-end, subject to customary conditions, including regulatory and other necessary approvals.

Thor Industries is an Elkhart, Ind.-based manufacturer of recreational vehicles. Erwin Hymer is a Bad Waldsee, Germany-based manufacturer of recreational vehicles.

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