Robertshaw to launch $580 million in term loans on Thursday

By Sara Rosenberg

New York, July 19 – Robertshaw US Holding Corp. will launch to lenders on Thursday $580 million in senior secured term loans, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The debt consists of a $440 million first-lien term loan B (B1) and a $140 million second-lien term loan (Caa1), the source said.

Price talk on the first-lien term loan is Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 900 bps to 950 bps with a 1% Libor floor and a discount of 98, the source continued.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Proceeds will be used to refinance existing debt and fund a dividend.

Robertshaw is an Itasca, Ill.-based designer and manufacturer of electro-mechanical solutions, mechanical combustion systems, and electrical controls primarily for use in residential and commercial appliances, HVAC and transportation applications.

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