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Boomerang Tube plans to launch $230 million term loan on Thursday
By Sara Rosenberg
New York, Sept. 11 - Boomerang Tube LLC will hold a bank meeting on Thursday to launch a $230 million term loan, according to a market source.
Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.
Price talk on the term loan is Libor plus 925 basis points to 950 bps with a 1.5% Libor floor and an original issue discount that is still to be determined, the source said.
The term loan has call protection of 103 in year one, 102 in year two and par thereafter, the source added.
Amortization is 5% per annum.
Proceeds will be used to refinance senior and mortgage notes, an equipment term loan and ABL revolver borrowings.
Boomerang Tube is a St. Louis-based producer of oil country tubular goods and line pipe.
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