AMG Advanced talks $300 million term loan B at Libor plus 300-325 bps

By Sara Rosenberg

New York, Jan. 16 – AMG Advanced Metallurgical Group NV launched on Tuesday its $300 million seven-year covenant-light term loan B with price talk of Libor plus 300 basis points to 325 bps with no Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Amortization on the term loan is 1% per annum, paid quarterly, with the remainder due at maturity.

The company’s $500 million of senior secured credit facilities (B1/BB-) also include a $200 million five-year revolver.

HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. are the joint lead arrangers on the deal, and HSBC is the agent.

Commitments are due on Jan. 29, the source added.

Proceeds will be used to refinance existing debt, to fund growth initiatives and for general corporate purposes.

AMG, which has corporate offices in Amsterdam and Wayne, Pa., is a producer and processor of specialty metals and mineral products.

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