Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers D > Headlines for Duravant LLC > News item |
Duravant launches $130 million incremental term loan at 98.79 OID
By Sara Rosenberg
New York, Feb. 13 – Duravant LLC (Engineered Machinery Holdings Inc.) was scheduled to hold a lender call at 2 p.m. ET on Monday to launch a fungible $130 million incremental first-lien term loan due May 21, 2028 (B1/B-) with original issue discount talk of 98.79, according to a market source.
Pricing on the incremental term loan is Libor plus 350 basis points with a 25 bps step-up at more than 5x senior secured first-lien net leverage and a 0.75% floor, in line with existing term loan pricing.
Jefferies LLC is the left lead arranger on the deal.
Commitments are due at 2 p.m. ET on Thursday, the source added.
Proceeds will be used to repay outstanding revolving credit facility borrowings.
Duravant is a Downers Grove, Ill.-based automation solutions company providing highly engineered equipment and related aftermarket parts and services.
© 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.