Metaldyne Performance Group Inc., a leading provider of highly-engineered components for use in powertrain and safety-critical platforms for the global light, commercial and industrial vehicle markets, announced the completion of a refinancing amendment to its senior secured credit facility ("New Facility") pursuant to the terms of the related First Refinancing Amendment to the Credit Agreement (such amended credit facility, the "Credit Agreement") providing for $1,327.9 million of term loans with a final maturity date of 2021.

Amounts and pricing on the term loan tranches under the New Facility was set as follows:

• USD denominated term loan tranche of $ 1,072.6 million was set at LIBOR plus 2.75% with a 1.00% LIBOR floor, issued at par.
• Euro denominated term loan tranche of 225 million Euros was set at EURIBOR plus 2.75% with a 1.00% EURIBOR floor, issued at 99.5. 

The $1,326.6 million of former USD denominated loans were repaid and carried pricing of LIBOR plus 3.25%, with a 1.00% LIBOR floor.

The new loans were issued with estimated total fees and original issue discount of approximately $3.0 million.  At the current interest rates and amounts outstanding, MPG is expected to save $6.6 million in annual cash interest, representing less than a six month payback of the fees incurred to enter into the New Facility.

"Our new debt facilities improve our annual cash flow while maintaining the financial flexibility to support the execution of our continued growth and strategic plans," said Mark Blaufuss, Chief Financial Officer for MPG. "We were able to capitalize on an opportunistic credit market, which allowed us to reduce our annual cash interest payments by $6.6 million and create an FX hedge by converting a portion of USD denominated term loan debt into Euro based term loan debt."

Goldman Sachs, Deutsche Bank Securities Inc., Bank of America, N.A. and Merrill Lynch, Pierce, Fenner &Smith Incorporated served as the Joint Lead Arrangers and Joint Book Runners for the New Facility.

Metaldyne Performance Group Inc. is a leading provider of highly-engineered components for use in powertrain and safety-critical platforms for the global light, commercial and industrial vehicle markets. MPG produces these components using complex metal-forming manufacturing technologies and processes for a global customer base of vehicle OEMs and Tier I suppliers.