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Therm-O-Disc flexes $355 million term loan to SOFR plus 600 bps
By Sara Rosenberg
New York, May 25 – Therm-O-Disc Inc. (Token Buyer Inc.) increased pricing on its $355 million seven-year senior secured covenant-lite first-lien term loan B (B2/B-) to SOFR plus 600 basis points from talk in the range of SOFR plus 500 bps to 525 bps, according to a market source.
Also, the original issue discount on the first-lien term loan was changed to 92 from talk in the range of 97.5 to 98, the source said.
The first-lien term loan still has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for one year.
Previously in syndication, the CSA was revised from 0 bps, the call protection was extended from six months, and leverage-based and initial public offering-based pricing step-downs were removed from the first-lien term loan.
Recommitments are due at noon ET on Thursday, the source added.
The company’s $520 million of credit facilities also include a $65 million revolver (B2/B-) and a $100 million second-lien term loan (Caa2/CCC+).
Morgan Stanley Senior Funding Inc., RBC Capital Markets and Jefferies LLC are the bookrunners on the deal. Morgan Stanley is the administrative agent.
Proceeds will be used with cash on hand to fund the buyout of the company by One Rock Capital Partners LLC from Emerson and to pay related fees and expenses.
Closing is expected in the first half of this year, subject to applicable regulatory approvals and customary conditions.
Therm-O-Disc is a Mansfield, Ohio-based designer and manufacturer of safety-critical sensors, thermal cutoffs and sealed connecting components primarily used in heating, ventilation and air conditioning, appliance, water heater, industrial, aerospace & defense, and transportation applications.
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