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First Brands incremental term loan steady in trading post Horizon Global news
By Sara Rosenberg
New York, Jan. 3 – First Brands Group LLC’s non-fungible incremental senior secured term loan due March 30, 2027 held steady in the secondary market on Tuesday following news that the company is purchasing Horizon Global Corp.
The incremental term loan was quoted at 94 bid, 96 offered, unchanged from where it was quoted last week, a market source remarked.
The $425 million incremental term loan, which allocated on Dec. 12, is priced at SOFR+CSA plus 500 basis points with a 1% floor and was sold at an original issue discount of 93.5. CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, and the debt has 101 soft call protection for six months.
Proceeds from the incremental term loan were earmarked for adding cash to the balance sheet to support bids for new business, potential future acquisitions and other growth initiatives.
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