First Brands finalizes $220 million incremental term loan at 99 OID

By Sara Rosenberg

New York, Nov. 19 – First Brands Group LLC set the original issue discount on its fungible $220 million incremental first-lien term loan (B3/B) due Feb. 2, 2024 at 99, the tight end of the 98.5 to 99 talk, 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.

Proceeds will be used to fund an acquisition.

Pro forma for the transaction, the first-lien term loan size will total $1.798 billion.

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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