Howden wraps $889M term loan repricing tight of talk; terms

Investors have received allocations of Howden UK Ltd.'s $889 million covenant-lite term loan B due September 2026 that was repriced to L+400, with a 0% Libor floor and an issue price of par via lead arranger J.P. Morgan, according to sources. The term loan freed to a 100.25/100.75. The transaction lowers the spread on the term loan from L+525, with a 0% Libor floor. The term loan originally dates to 2019 when it was issued in connection with the acquisition by KPS Capital Partners of the air and gas handling business of Colfax, known as Howden. The borrower is listed under Granite US Holdings Corp. U.K.-based Howden is global provider of air and gas handling products and services to the industrial power, oil, and gas and mining industries. Terms: