GST AutoLeather flexes $150 million term loan B to Libor plus 550 bps

By Sara Rosenberg

New York, June 26 – GST AutoLeather Inc. raised pricing on its $150 million six-year term loan B to Libor plus 550 basis points from talk of Libor plus 475 bps to 500 bps, according to a market source.

In addition, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

The company’s $180 million senior secured credit facility also includes a $30 million five-year revolver.

Allocations are expected to go out early next week, the source added.

RBC Capital Markets is the lead arranger and bookrunner on the deal.

Proceeds will be used to refinance existing debt.

Advantage Partners is the sponsor.

GST is a Southfield, Mich.-based automotive leather 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.