Form Technologies to launch $640 million term loan on Wednesday

By Sara Rosenberg

New York, Feb. 2 – Form Technologies is scheduled to hold a lender call on Wednesday to launch a $640 million first-out term loan due July 2025, according to a market source.

J.P. Morgan Securities LLC is the lead on the deal.

The term loan is talked at Libor plus 500 basis points with a 50 bps step-down at a B-equivalent rating and a 50 bps step-up upon a rating downgrade, and a 1% Libor floor, the source said.

Included in the term loan is hard call protection of 102 in year one and 101 in year two.

Commitments are due at noon ET on Feb. 11, the source added.

Proceeds will be used to help refinance/extend existing term loan debt.

Lenders will be offered a 50 bps consent fee on the existing term loan and 100 bps PIK on extended term loan amounts.

Form Technologies is a Charlotte, N.C.-based precision component manufacturer.

© 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.