| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Allflex Holdings > News item |
Allflex firms second-lien term loan spread at Libor plus 700 bps
By Sara Rosenberg
New York, June 7 - Allflex Holdings finalized pricing on its $240 million eight-year second-lien term loan at Libor plus 700 basis points, the tight end of the Libor plus 700 bps to 725 bps talk, according to a market source.
The second-lien term loan still has a 1% Libor floor, an original issue discount of 99 and hard call protection of 102 in year one and 101 in year two.
The company's $910 million credit facility also provides for a $100 million revolver and a $570 million seven-year first-lien term loan B.
Pricing on the first-lien term loan is Libor plus 325 bps with a 1% Libor floor and an original issue discount of 991/2, and the debt has 101 soft call protection for six months.
Earlier in syndication, the first-lien term loan was upsized from $540 million as the second-lien term loan was downsized from $270 million, the spread on the first-lien term loan firmed at the low end of the Libor plus 325 bps to 350 bps talk and the call protection was added to the tranche.
Amortization on the first-lien term loan is 1% per annum.
Included in the first-lien term loan is an incremental allowance of $100 million plus additional amounts subject to 4.6 times first-lien net leverage.
The credit facility has 50 bps of MFN pricing protection.
Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, RBC Capital Markets and Macquarie Capital are the lead banks on the deal, with Morgan Stanley the left lead on the first-lien loan and Bank of America the left lead on the second-lien loan.
Proceeds will be used to help fund BC Partners' buyout of the company from Electra Partners for $1.3 billion.
Allflex is a Vitre, France-based producer of visual and electronic identification tags and other tracking products for livestock and other species.
© 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.