First Brands launches $200 million term loan at par issue price

By Sara Rosenberg

New York, Dec 10 – First Brands Group LLC launched without a call on Friday a fungible $200 million incremental senior secured first-lien term loan due March 30, 2027 that is talked with a par issue price, according to a market source.

Pricing on the incremental term loan is Libor plus 500 basis points with a 1% Libor floor, in line with existing term loan pricing.

The incremental term loan has 101 soft call protection until March 30, 2022.

Jefferies LLC, BofA Securities Inc. and Wells Fargo Securities LLC are the arrangers on the deal.

Commitments are due at 1 p.m. ET on Dec. 15, the source added.

Proceeds will be used to fund cash to the balance sheet for general corporate purposes.

Pro forma for the transaction, the first-lien term loan will total $1.675 billion.

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

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