Howden launches $889 million term loan B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Jan. 19 – Howden held a lender call on Tuesday to launch an $889 million term loan B that is talked at Libor plus 425 basis points to 450 bps with a 0% Libor floor and an original issue discount of 99.875 to par, according to a market source.

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

J.P. Morgan Securities LLC is the lead on the deal.

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

Proceeds will be used to reprice an existing term loan B down from Libor plus 525 bps with a 0% Libor floor.

Howden is a Glasgow, Scotland-based provider of mission critical air and gas handling products and services to the industrial, power, oil & gas and mining industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.