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Douglas Dynamics flexes $190 million term loan B to Libor plus 425 bps
By Sara Rosenberg
New York, Dec. 11 – Douglas Dynamics Inc. lowered pricing on its $190 million seven-year term loan B (B1/BB-) to Libor plus 425 basis points from talk of Libor plus 450 bps to 475 bps, according to a market source.
The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.
The company’s $290 million credit facility also includes a $100 million five-year revolver.
Commitments were due on Thursday, the source added.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds, along with cash on hand, will be used to fund the acquisition of Henderson for $95 million, subject to working capital, cash and other adjustments, to refinance existing debt and for general corporate purposes.
Closing is expected by year-end, subject to customary regulatory approvals and conditions.
Douglas Dynamics is a Milwaukee-based manufacturer of vehicle attachments and equipment. Henderson is a Manchester, Iowa-based manufacturer of customized, turnkey snow and ice control solutions for heavy-duty trucks.
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