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Douglas Dynamics sets $315.5 million term loan at Libor plus 350 bps
By Sara Rosenberg
New York, Feb. 6 – Douglas Dynamics Inc. finalized pricing on its $315.5 million term loan at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.
As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
The term loan freed up for trading on Monday at 100¼ bid, another source added.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.
Douglas Dynamics is a Milwaukee-based manufacturer of vehicle attachments and equipment.
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