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Cowen launches $300 million term loan B at Libor plus 325 bps
By Sara Rosenberg
New York, March 3 – Cowen Inc. launched on Wednesday its $300 million seven-year covenant-lite first-lien term loan B with price talk of Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Morgan Stanley Senior Funding Inc. is the lead on the deal.
Commitments are due at noon ET on March 12, the source added.
Proceeds will be used to refinance existing debt and pay related fees, expenses and original issue discount.
Cowen is a New York-based investment bank and financial services company.
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