Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers F > Headlines for First Brands Group LLC > News item |
Alion cuts pricing; First Brands deadline accelerated; Graham Packaging, ProMach on deck
By Sara Rosenberg
New York, July 21 – Alion Science & Technology Corp. lowered the spread on its first-lien term loan on Tuesday and First Brands Group LLC moved up the commitment deadline for its incremental first-lien term loan.
Also, Graham Packaging Co. Inc. came out with timing and structure on its proposed credit facilities, and ProMach Group Inc. emerged with new loan plans.
Specifically, Alion trimmed pricing on its $360 million four-year first-lien term loan (B1/BB-) to Libor plus 375 basis points from Libor plus 400 bps, according to a market source. The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
First Brands accelerated the commitment deadline for its fungible $710 million incremental first-lien term loan due Feb. 2, 2024 to 3 p.m. ET on Wednesday from 3 p.m. ET on Friday.
Graham Packaging scheduled a lender call for 10 a.m. ET on Wednesday to launch $1.51 billion of credit facilities, a market source said. The facilities consist of a $100 million revolver and a $1.41 billion seven-year covenant-lite first-lien term loan.
ProMach set a lender call for 4 p.m. ET on Wednesday to launch $325 million of senior secured credit facilities, consisting of a $162.5 million first-lien term loan B and a $162.5 million delayed-draw term loan.
© 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.