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Alliant Techsystems Sets Rate on $1.86 Billion Loan for Bushnell

Alliant Techsystems Inc., the world’s largest ammunition maker, set the rate on $1.86 billion of loans it’s seeking to support its purchase of Bushnell Group Holdings Inc.

A $1.01 billion term loan A due in five years will pay interest at 2 percentage points more than the London interbank offered rate, while a $250 million B slice will have a margin of 2.75 percentage points to 3 percentage points, according to a lender presentation in a regulatory filing yesterday.

A $600 million revolving line of credit due in five years will pay 2 percentage points more than Libor. The B portion, which will be offered to lenders at 99.5 cents on the dollar, will have a 0.75 percent minimum on the lending benchmark, according to a person with knowledge of the deal, who asked not to be identified because terms aren’t set.

Alliant agreed to acquire Bushnell, a maker of binoculars and riflescopes, from private-equity firm MidOcean Partners for $985 million to expand its branded shooting sports products, according to a Sept. 5 statement from Arlington, Virginia-based Alliant.

Bank of America Corp., Bank of Tokyo Mitsubishi UFJ Ltd, Royal Bank of Canada, SunTrust Robinson Humphrey Inc., US Bancorp and Wells Fargo & Co. are arranging the transaction, according to the presentation. The financing will include $300 million of senior unsecured notes.

Proceeds of the transaction will also be used to refinance about $722.5 million of Alliant debt that comes due in 2015 and 2017, according to the company.

Total leverage, or debt to earnings, after the transaction will be 3.2 times, according to the presentation.

A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, bank loan mutual funds and hedge funds. A term loan A is sold mainly to banks. Under a revolver, money can be borrowed again once it’s repaid; in a term loan it can’t.

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