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Dayton Power launches $445 million term loan B at Libor plus 350 bps
By Sara Rosenberg
New York, Aug. 8 – Dayton Power & Light Co. launched on Monday its $445 million senior secured six-year first-lien covenant-light term loan B (Baa2) with price talk of Libor plus 350 basis points with a 0.75% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for one year and amortization of 1% per annum, the source said.
Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are the joint lead arrangers and joint bookrunners on the deal.
Commitments are due on Aug. 18, the source added.
Proceeds will be used to refinance the company’s existing 1.875% first mortgage bonds due 2016.
Dayton Power is a Dayton, Ohio-based power company.
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