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DexKo to launch U.S. and euro add-on loans, repricings on Monday
By Sara Rosenberg
New York, Jan. 5 – DexKo Global Inc. is set to hold a lender call at 10 a.m. ET on Monday to launch an $80 million incremental first-lien term loan due July 24, 2024, of which $50 million is delayed-draw, and a repricing of its existing $569 million first-lien term loan due July 24, 2024, according to a market source.
The company will also launch on the call a €110 million incremental first-lien term loan due July 24, 2024, of which €90 million is delayed-draw, and a repricing of its existing €349 million first-lien term loan due July 24, 2024.
Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Barclays and Deutsche Bank Securities Inc. are the lead arrangers on the loans (B1/B).
Price talk on the U.S. term loan debt is Libor plus 350 basis points with a 1% Libor floor, and talk on the euro term loan debt is Euribor plus 375 bps to 400 bps with a 0% floor, the source said.
The add-on term loans are talked with an original issue discount of 99.75, and the repricings are offered at par.
All of the term loan debt includes 101 soft call protection for six months.
The delayed-draw tranches have a ticking fee of half the margin from days 31 to 60 and the full margin thereafter, the source continued.
Proceeds from the add-on term loans will be used to fund tuck-in acquisitions, the U.S. repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor and the euro repricing will take the existing loan down from Euribor plus 450 bps with a 0% floor.
Commitments are due at 5 p.m. ET on Jan. 16, the source added.
DexKo is a Novi, Mich.-based supplier of highly engineered running gear technology, chassis assemblies and related components.
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