Thermon refinances debt, estimates $4M annual cash interest savings

Thermon Group Holdings, Inc.

Replaced $140M term loan B with $80M US term loan A, CAD76M Canadian term loan A, and $100M revolver – expects ~$4M annual cash interest savings.
New 5-year facilities mature September 2026; quarterly amortization starts Jan 2022 at 1.25% per quarter.
Leverage ratio covenant: max 3.75:1 through Sep 2022, then 3.50:1; fixed charge coverage ≥1.25:1.
Acquisition holiday allows temporarily increased leverage following certain acquisitions.
Pricing: adjusted LIBOR +162.5bps on US loans; CDOR +162.5bps on Canadian loans.

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