First Brands increases incremental term loan amount to $300 million

By Sara Rosenberg

New York, Feb. 2 – First Brands Group LLC upsized its fungible incremental senior secured first-lien term loan due March 30, 2027 to $300 million from $250 million, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 500 basis points with a 1% floor, in line with pricing on the company’s existing $425 million incremental term loan that was completed in December 2022.

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 an original issue discount of 96.

Included in the incremental term loan is 101 soft call protection through June 15, 2023.

Jefferies LLC is the bookrunner on the deal.

Proceeds will be used to fund acquisitions.

First Brands is a Rochester, Mich.-based automotive aftermarket platform offering comprehensive solutions for consumable maintenance and mission-critical repair parts.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.