First Brands increases incremental term loan amount to $250 million

By Sara Rosenberg

New York, Dec 15 – First Brands Group LLC upsized its fungible incremental senior secured first-lien term loan due March 30, 2027 (//BB+) to $250 million from $200 million, 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, and the new debt has a par issue price.

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 continued to be due at 1 p.m. ET on Wednesday, the source added.

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

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

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