Sensus Metering Systems is refinancing its $230 million "B" loan and will cut the spread by 50 basis points to LIBOR plus 3%. The credit was originally put in place last year to back the acquisition of the Invensys metering systems business by The Jordan Co. and Goldman Sachs Capital Partners (LMW, 12/17).
At that time the credit went out to investors at LIBOR plus 3% but was flexed up to LIBOR plus 3 1/2% after getting a higher than expected B2 rating from Moody's Investors Service. The credit is still rated B2. Credit Suisse First Boston and Goldman Sachs lead the credit. Jeb Boucher, senior principal with Jordan, did not return calls and a Goldman Sachs Capital Partners spokeswoman declined comment. Bankers from the lead banks either declined comment or did not return calls.