Penn Engineering to launch U.S. and euro term loans on Wednesday

By Sara Rosenberg

New York, May 30 – Penn Engineering & Manufacturing Corp. is scheduled to hold a lender call on Wednesday to launch a $540 million seven-year term loan B and a €118 million seven-year term loan C, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan B is Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 99.75, and talk on the term loan C is Euribor plus 275 bps with a 1% floor and a discount of 99.75, the source said.

Both term loans include 101 soft call protection for six months.

Proceeds will be used to fund an acquisition.

Penn Engineering is a Danboro, Pa.-based manufacturer of highly engineered specialty fasteners.

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