First Brands raises incremental term loan amount to $350 million

By Sara Rosenberg

New York, April 26 – First Brands Group LLC upsized its fungible incremental senior secured first-lien term loan due March 30, 2027 (B1) to $350 million from $300 million, according to a market source.

Pricing on the incremental term loan remained at SOFR+CSA plus 500 basis points with a 1% floor and an original issue discount of 99.25.

CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Jefferies LLC, BofA Securities Inc., Wells Fargo Securities LLC, Regions Bank, Capital One and Fifth Third are the arrangers on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Tuesday, the source added.

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

In connection with this transaction, the existing loans will convert to SOFR from Libor with CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

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

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