First Brands lifts term loan to $425 million, firms OID at 93.5

By Sara Rosenberg

New York, Dec. 12 – First Brands Group LLC upsized its non-fungible incremental senior secured first-lien term loan due March 30, 2027 to $425 million from $300 million and set the original issue discount at 93.5, the middle of the 93 to 94 talk, according to a market source.

Pricing on the incremental term loan remained at SOFR+CSA plus 500 basis points with a 1% floor.

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 still has 101 soft call protection for six months.

Jefferies LLC is the bookrunner on the deal.

Commitments were scheduled to be due at 3:30 p.m. ET on Monday, extended from 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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