UCI International lowers term loan to $350 million as bonds upsized

By Sara Rosenberg

New York, Jan. 10 - UCI International Inc. reduced its 61/2-year term loan to $350 million from $450 million and increased its senior unsecured notes offering to $350 million from $250 million, according to a market source.

The now $425 million senior secured credit facility, down from $525 million, still includes a $75 million revolver.

Price talk on the term loan is Libor plus 450 basis points with a 1.75% Libor floor and an original issue discount of 99. There is 101 soft call protection for one year.

Credit Suisse, HSBC and Nomura are the lead banks on the deal.

Ratings for the credit facility under the original structure were Ba3/B.

Proceeds from the credit facility, the notes, about $320 million of equity and cash on hand will be used to fund the acquisition of the company by Rank Group Ltd.

The acquisition is expected to close in the first quarter, subject to regulatory approvals.

UCI is an Evansville, Ind.-based supplier to the light- and heavy-duty vehicle aftermarket for replacement parts, including filtration, fuel delivery systems, vehicle electronics and cooling systems products.

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