Douglas Dynamics lifts term loan to $275 million, tightens pricing

By Sara Rosenberg

New York, June 3 – Douglas Dynamics Inc. upsized its term loan to $275 million from $250 million and reduced pricing to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 98.5 from talk in the range of 97 to 98, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for one year.

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

Proceeds will be used to refinance an existing term loan, to pay down asset-based revolver borrowings and for general corporate purposes.

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

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