VAC upsizes term loan to $225 million, finalizes at Libor plus 400 bps

By Sarah Lizee

Olympia, Wash., Feb. 26 – VAC (VAC Germany Holding GmbH and New VAC US LLC) upsized its seven-year covenant-light first-lien term loan to $225 million from $200 million, according to a market source.

Pricing was finalized at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99.5.

The term loan still has 101 soft call protection for six months.

The company’s $255 million of credit facilities (B2/B) also include a $30 million revolver.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the leads on the deal.

Recommitments were due at noon ET on Monday, the source said.

Proceeds will be used to refinance existing debt.

VAC is a provider of highly specialized magnetic alloys and components serving diverse end markets.

© 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.