TRW Automotive's $900 million "B" loan is chugging along with more than half of the institutional piece filled as LMW went to press last week. A banker familiar with the deal said it should fill out soon because the concurrent $1.58 billion bond issuance-- the largest junk bond sale in two years-- hit the market last week. He added that interest has picked up in Europe's retail commitments as well. The facility launched in Europe to retail on Jan. 17. It launched on Jan. 27 in the U.S. Credit Suisse First Boston, J.P. Morgan, Lehman Brothers, Deutsche Bank and Bank of America are leading the deal. Bankers on the credit either declined to comment or did not return calls.
The $1.81 billion credit backs The Blackstone Group's $4.7 billion majority stake buyout of Northrop Grumman's TRW Automotive business, announced last quarter. The eight-year "B" is priced at LIBOR plus 4%, while the six-year, $410 million "A" term loan has a spread of 31/ 2% over LIBOR. There is also a six-year, $500 million revolver priced at LIBOR plus 31/ 2% with a 50 basis point commitment fee. Bankers also noted significant interest in the deal's pro rata, with at least six more lenders below the arranger level (LMW, 2/3). Officials at Blackstone and TRW Automotive could not be reached by press time.