Global Brass redeems 9½% senior secured notes due 2019

New York, July 18 – Global Brass and Copper, Inc. redeemed its $305.3 million of 9½% senior secured notes due 2019 on Monday.

The company paid 104.75% of par plus accrued interest, according to a notice.

As previously reported, Global Brass launched a new $320 million term loan B in mid-June, intending to use proceeds for refinancing its existing notes.

Interest on the credit facility is Libor plus 425 basis points with a step down to Libor plus 400 bps if net total leverage falls to 2 times or less. The term loan has a 1% Libor floor and was sold with an original issue discount of 99.

The company is a Schaumburg, Ill.-based converter, fabricator, processor and distributor of specialized non-ferrous products.

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