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American General Finance cuts Libor floor on $3 billion term loan, prices at 98½
By Sara Rosenberg
New York, April 13 - American General Finance Corp. lowered the Libor floor on its $3 billion five-year senior secured term loan (B1) to 1.75% from 2% and firmed the original issue discount at 981/2, the tight end of the 98 to 98½ talk, according to sources.
The spread on the term loan was left unchanged at Libor plus 550 basis points.
Bank of America is the lead bank on the deal.
Proceeds will be used to repay existing debt and fund lending activities.
The borrower under the facility will be a newly formed, wholly owned special purpose subsidiary of the company.
American General is the Evansville, Ind.-based consumer finance unit of American International Group.
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