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Connolly cuts spread on $320 million term loan B to Libor plus 400 bps
By Sara Rosenberg
New York, Jan. 22 - Connolly Holdings Inc. reduced pricing on its $320 million seven-year term loan B to Libor plus 400 basis points from Libor plus 425 bps, according to a market source.
Also, the original issue discount on the B loan was revised to 99½ from 99, the source said.
The term loan still has a 1% Libor floor and 101 soft call protection for six months.
The company's $350 million credit facility (B2/B) also includes a $30 million five-year revolver.
Recommitments were due at 5 p.m. ET on Wednesday, the source added.
RBC Capital Markets LLC, Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.
Proceeds will be used to refinance existing bank debt.
Leverage is 3 times all senior.
Connolly is an Atlanta-based provider of technology-enabled recovery audit services.
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