Credit Suisse First Boston and UBS are leading a repricing for Nortek, a provider of building products for residential, light commercial and commercial applications. The $700 million term loan will go from LIBOR plus 2 1/2% to LIBOR plus 2 1/4% with a step down to LIBOR plus 2% when leverage drops below 4.5 times.
The term loan currently has an outstanding balance of $698.25 million. The $100 million revolver is not being repriced. Thomas H. Lee Partners bought Nortek last July for $1.75 billion from Kelso & Co.