Innovative XCessories flexes term loan to Libor plus 425 bps

By Sara Rosenberg

New York, Jan. 26 – Innovative XCessories & Services LLC (IXS Holding Inc.) reduced pricing on its $600.1 million first-lien term loan due March 2027 to Libor plus 425 basis points from Libor plus 450 bps, according to a market source.

The term loan still has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

UBS Investment Bank is the lead left arranger on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Tuesday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 500 bps with a 1% Libor floor.

Innovative XCessories is a Windsor, Ont.-based provider of coating solutions and vehicle upfit services to the automotive aftermarket and diversified industrial end markets.

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