MEI Conlux ups term loan to $395 million, revises discount to 99½

By Sara Rosenberg

New York, Aug. 14 - MEI Conlux Holdings Inc. increased its seven-year covenant-light term loan to $395 million from $390 million and moved the original issue discount to 99½ from 99, according to a market source.

Pricing on the loan remained at Libor plus 400 basis points with a 1% Libor floor and there is still 101 soft call protection for one year.

The company's now $455 million credit facility (B1/B), up from $450 million, also includes a $60 million five-year revolver.

Recommitments were due at noon ET on Wednesday and allocations are expected to go out on Thursday.

Goldman Sachs Bank USA, Bank of America Merrill Lynch and Nomura are the leads on the deal.

Proceeds will be used to refinance existing debt.

The upsizing was done to account for some foreign-currency fluctuations, the source added.

MEI Conlux is a Malvern, Pa.-based manufacturer of electronic note acceptors, coin mechanisms and other unattended transaction systems.

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