First Brands launches $350 million incremental term loan at 97 OID

By Sara Rosenberg

New York, Aug. 2 – First Brands Group LLC launched on Wednesday a fungible $350 million incremental first-lien term loan due March 30, 2027 with original issue discount talk of 97, 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 term loan.

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

Expected term loan ratings are B1/B+/BB+.

Jefferies LLC is the sole lead arranger on the deal.

Commitments are due at 2 p.m. ET on Aug. 9, the source added.

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

Pro forma for the transaction, the term loan will total about $1.071 billion.

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.