Douglas Dynamics talks $250 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, May 28 – Douglas Dynamics Inc. launched on Thursday its $250 million term loan (B2/BB-) with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 97 to 98, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

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

Commitments are due at noon ET on June 4, the source added.

Proceeds will be used to refinance an existing term loan, to repay some asset-based revolving credit facility borrowings and for general corporate purposes.

Douglas Dynamics is a Milwaukee-based manufacturer of vehicle attachments and equipment.

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