First Brands launches $300 million term loan at SOFR plus 500 bps

By Sara Rosenberg

New York, Dec. 6 – First Brands Group LLC launched on Tuesday a non-fungible $300 million incremental senior secured first-lien term loan due March 30, 2027 that is talked at SOFR+CSA plus 500 basis points with a 1% floor and an original issue discount of 93 to 94, according to a market source.

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

The incremental term loan has 101 soft call protection for six months, the source said.

Jefferies LLC is the bookrunner on the deal.

Commitments are due at noon ET on Monday, the source added.

Proceeds will be used to fund cash to the balance sheet for liquidity to support bids for new business, potential future acquisitions and other growth initiatives.

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

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