Bloomberg News

Unifrax’s $390 Million Loan for Buyout Rises in Initial Trading

November 18, 2011

Nov. 18 (Bloomberg) -- Unifrax Corp.’s $390 million term loan B backing its buyout by American Securities LLC rose in initial trading, according to information provider Markit Ltd.

The seven-year debt began trading today at 99.5 cents on the dollar, Markit said. The financing was sold to investors at 98 cents on the dollar, according to data compiled by Bloomberg.

Goldman Sachs Group Inc. arranged the deal for the Niagara Falls, New York-based producer of high-temperature insulation products, Bloomberg data show.

The loan pays interest at 5.5 percentage points more than the London interbank offered rate, with a 1.5 percent floor on the benchmark, Bloomberg data show.

A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, bank loan mutual funds and hedge funds.

--Editors: Faris Khan, Chapin Wright

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus