Metaldyne launches $355 million term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, May 2 - Metaldyne LLC launched its $355 million six-year term loan B on Wednesday with price talk of Libor plus 400 basis points with a 1.25% Libor floor and a par offer price, according to a market source.

There is 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to refinance existing debt, for general corporate purposes and for potential shareholder actions.

Commitments are due on May 12.

Metaldyne is a Plymouth, Mich.-based designer and supplier of metal-formed components and assemblies for engine and transmission applications.

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