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CentroMotion talks $545 million of loans at Libor plus 500-525 bps
By Sara Rosenberg
New York, June 17 – CentroMotion launched on Thursday its $545 million of first-lien term loans (B3/B) with price talk of Libor plus 500 basis points to 525 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.
The debt is split between a $420 million seven-year funded term loan and a $125 million delayed-draw term loan.
Included in the term loan is 101 soft call protection for six months, the source said.
JPMorgan Chase Bank is the lead on the deal.
Commitments are due at 5 p.m. ET on June 30.
Proceeds will be used to fund the acquisition of Carlisle Brake & Friction, a manufacturer of friction materials and mechatronic solutions for off highway brake and transmission products, from Carlisle Cos. Inc., to repay debt and for general corporate purposes.
CentroMotion, a portfolio company of One Rock Capital Partners, is a Waukesha, Wis.-based designer and manufacturer of highly engineered components and systems for the industrial and transportation markets.
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