Technimark finalizes $475 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, June 30 – Technimark LLC firmed pricing on its $475 million seven-year first-lien term loan (B2/B-) at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.

Furthermore, the original issue discount on the first-lien term loan was changed to 99.5 from 99, the source said.

As before, the first-lien term loan has a 0.5% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

The company is also getting a $170 million privately placed second-lien term loan and a $30 million privately placed delayed-draw second-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.

Recommitments were scheduled to be due at 2 p.m. ET on Wednesday, 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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