Pricing on the Cooper Standard $215 million term loan was cut by 25 basis points to LIBOR plus 2 1/2% last week. The deal, which hit the market two weeks ago, is being used to back the acquisition of the fluid handling business of ITT Industries. Deutsche Bank is the lead on the deal (CIN, 1/23). A $25 million European carve-out feature has also been added.
Based in Novi, Mich., Cooper Standard develops and manufactures sealing system products, vibration control applications, fluid systems and other similar products. Calls to Allen Campbell, cfo, were not returned.