March 26 (Bloomberg) -- Mold-Masters Group, the Canadian maker of temperature-control systems, is seeking to extend the maturity on its $206 million term loan to October 2016 from October 2014, according to a person with knowledge of the transaction.
The debt will pay interest at 4.5 percentage points more than the London interbank offered rate, said the person, who declined to be identified because the terms are private.
Lenders are being offered a 15 basis-point fee to agree to the extension and a 10 basis-point consent fee, the person said. A basis point is 0.01 percentage point.
The Georgetown, Ontario-based company is also seeking to extend its $31 million revolving line of credit to April 2016 from October 2013, the person said.
Societe Generale SA is arranging the financing and investors have until March 30 to submit commitments.
Mold-Masters’s existing term loan pays interest at 3.5 percentage points more than Libor, according to data compiled by Bloomberg.
3i Group Plc, the London-based private-equity firm, made an investment in Mold-Masters in August 2007, Bloomberg data shows.
Stephen Farrell, chief financial officer of Mold-Masters, didn’t immediately respond to an e-mail seeking comment.
In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan it can’t.
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