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Unifrax trims term loan B to $95 million, firms at Libor plus 375 bps
By Sara Rosenberg
New York, June 12 – Unifrax (ASP Unifrax Holdings Inc.) downsized its incremental covenant-lite term loan B due Dec. 14, 2025 to $95 million from $120 million and set pricing at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.
As before, the term loan has a 0% Libor floor, an original issue discount of 97.5 and 101 soft call protection for six months.
Morgan Stanley Senior Funding Inc. and Stifel, Nicolaus & Co. are the joint bookrunners on the deal.
Recommitments were scheduled to be due at 2:15 p.m. ET on Wednesday, the source said.
Proceeds will be used to fund an acquisition.
Unifrax is a Tonawanda, N.Y.-based supplier of high-performance specialty fibers and inorganic materials used in emission control, thermal management, filtration, battery and fire protection applications.
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