Infinite Electronics allocates $640M 1st-lien, $240M 2nd-lien term loans; terms

Investors have received allocations of Infinite Electronics, LLC's first-lien and second-lien covenant-lite term loan financing that priced tight of talk via a Jefferies-led arranger group, according to sources. Pricing on the seven-year first-lien term loan was finalized at L+375, with a 0.50% Libor floor and an issue price of 99.75. There are two leverage-based step-downs and an additional step-down following an IPO. The eight-year second-lien term loan priced at L+700, with a 0.50% floor and an issue price of 99.50. The first-lien financing includes a $640 million term loan and a $55 million delayed-draw tranche that is being privately placed. Second-lien financing includes a $240 million term loan, along with a privately placed $20 million delayed-draw tranche. A $100 million, five-year revolver with a springing net first-lien leverage covenant rounds out the financing. The deal backs the buyout of the company by funds affiliated with Warburg Pincus.

Infinite Electronics manufactures RF components, assemblies, and wired and wireless connectivity solutions.

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