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CIBT launches $339.2 million term loan at Libor plus 350 bps
By Sara Rosenberg
New York, Dec. 5 – CIBT launched on Tuesday its $339.2 million covenant-light first-lien term loan with price talk of Libor plus 350 basis points with a 1% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Antares Capital is the lead on the deal.
Commitments are due on Monday, the source added.
Proceeds will be used to refinance an existing first-lien term loan, and the additional $10 million in proceeds will be used to repay a portion of the company’s current revolving credit facility borrowings.
CIBT, a Kohlberg & Co. portfolio company, is a McLean, Va.-based provider of mobility solutions, offering expedited visa, work permit, immigration, passport and other related value-added services.
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