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First Brands talks $220 million incremental term loan at 98.5-99 OID
By Sara Rosenberg
New York, Nov. 12 – First Brands Group, LLC launched on Thursday its fungible $220 million incremental first-lien term loan due Feb. 2, 2024 with original issue discount talk in the range of 98.5 to 99, according to a market source.
Pricing on the incremental term loan is Libor plus 750 basis points with a 1% Libor floor, in line with existing term loan pricing.
Hard call protection on the incremental term loan is the same 102, 101 protection included in the existing term loan.
The term loan has a total net leverage covenant.
Jefferies LLC is the lead arranger on the deal.
Commitments are due at 3 p.m. ET on Nov. 20, the source added.
Proceeds will be used to fund an acquisition.
Pro forma for the transaction, the first-lien term loan size will total $1,798,000,000.
First Brands, formerly known as Trico Group, is an automotive aftermarket platform offering a comprehensive solution for consumable maintenance and mission-critical repair parts.
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