First Brands lifts incremental term loan amount to $450 million

By Sara Rosenberg

New York, Aug. 9 – First Brands Group LLC upsized its fungible incremental first-lien term loan due March 30, 2027 to $450 million from $350 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 term loan, and the new debt is being sold at an original issue discount of 97.

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

Jefferies LLC is the sole lead arranger on the deal.

Commitments continued to be due at 2 p.m. ET on Wednesday, 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.

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

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