Technimark launches $475 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, June 21 – Technimark LLC launched on Monday an upsized $475 million seven-year first-lien term loan (B2/B-) with price talk of Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Prior to the lender call, the first-lien term loan was said to be sized at $460 million.

The company still plans on getting a $170 million privately placed second-lien term loan and a $30 million privately placed delayed-draw second-lien term loan in addition to the first-lien term loan.

Goldman Sachs Bank USA, Wells Fargo Securities LLC, Antares Capital and MUFG are the lead arrangers on the deal. Antares is the administrative agent.

Commitments are due at noon ET on June 30, the source added.

Proceeds will be used to help fund the acquisition of a controlling stake in the company by Oak Hill Capital, forming a partnership with current investors, Pritzker Private Capital and management.

Closing is expected in the third quarter.

Technimark is an Asheboro, N.C.-based manufacturer of custom application medical, consumer packaged goods, and specialty industrial plastic components and value-added assemblies.

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