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Robertshaw reworks first- and second-lien term loan sizes, pricing
By Sara Rosenberg
New York, Feb. 14 – Robertshaw US Holding Corp. upsized its seven-year covenant-light first-lien term loan to $510 million from $480 million and downsized its eight-year covenant-light second-lien term loan to $110 million from $125 million, according to a market source.
In addition, pricing on the first-lien term loan was lowered to Libor plus 350 basis points from Libor plus 375 bps and a step-down was added to Libor plus 325 bps at 4.25 times first-lien leverage, and pricing on the second-lien term loan was trimmed to Libor plus 800 bps from Libor plus 825 bps, the source said.
Also, the original issue discount on the first-lien term loan was changed to 99.75 from 99.5.
Furthermore, the MFN sunset was removed so there is now 50 bps MFN for life, the source continued.
The first-lien term loan still has a 1% Libor floor and 101 soft call protection for six months, and the second-lien term loan still has a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.
The company’s now $670 million of credit facilities, up from $655 million, 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.
Final commitments were scheduled to be due at 3 p.m. ET on Wednesday and allocations are expected on Thursday morning, the source added.
Proceeds will be used to help fund the buyout of the company by One Rock Capital Partners LLC, and due to the $15 million increase in the amount of debt, to add cash to the balance sheet.
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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