Robertshaw sets talk on first- and second-lien term loans with launch

By Sara Rosenberg

New York, Feb. 6 – Robertshaw US Holding Corp. disclosed price talk on its $480 million seven-year covenant-light first-lien term loan (B1/B) and $125 million eight-year covenant-light second-lien term loan (Caa1/CCC+) in connection with its bank meeting on Tuesday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked at Libor plus 825 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 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.

The company’s $655 million of credit facilities also provide for a $50 million ABL revolver.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies LLC are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Feb. 15.

Proceeds will be used to help fund the buyout of the company by One Rock Capital Partners LLC.

Robertshaw is an Itasca, Ill.-based designer and manufacturer of systems and controls used in residential and commercial appliances, HVAC and transportation applications.

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