First Brands increases first-lien term loan amount to $1.48 billion

By Sara Rosenberg

New York, March 24 – First Brands Group LLC upsized its six-year senior secured first-lien term loan (B1/B) to $1.483 billion from $1.425 billion, according to a market source.

Pricing on the first-lien term loan remained at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99.

The first-lien term loan still has 101 hard call protection for one year.

As before, the company is also getting a $540 million seven-year second-lien term loan (Caa1/CCC+) that is priced at Libor plus 850 bps with a 1% Libor floor and a discount of 98.

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.

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.

© 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.