First Brands reveals price talk on $1.97 billion of term loans

By Sara Rosenberg

New York, March 12 – First Brands Group LLC released price talk on its $1.425 billion six-year senior secured first-lien term loan and $540 million seven-year second-lien term loan in connection with its bank meeting on Friday, according to a market source.

The first-lien term loan is talked at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 850 bps with a 1% Libor floor and a discount of 98, the source said.

The first-lien term loan has 101 hard call protection for one year, and the second-lien term loan has hard call protection of 103 in year one and 101 in year two.

Jefferies LLC is the lead arranger on the deal.

Commitments are due at 5 p.m. ET on March 22, the source added.

Proceeds will be used to refinance existing debt.

First Brands is an automotive aftermarket platform offering comprehensive solutions for consumable maintenance and mission-critical repair parts.

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