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Dematic launches $540 million term loan B at Libor plus 475 bps
By Sara Rosenberg
New York, Dec. 3 - Dematic launched on Monday a $540 million term loan B with price talk of Libor plus 475 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.
The term loan B, which has 101 soft call protection for one year, includes a $50 million deposit letter-of credit facility.
Also part of the company's $615 million credit facility is a $75 million revolver.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Barclays are the lead banks on the deal.
Proceeds will be used to help fund AEA Investors and Teachers' Private Capital's buyout of the company from Triton.
Leverage through the loan is 3.5 times.
As part of the transaction, around €450 million of outstanding bonds will be redeemed.
Closing is expected by January, subject to regulatory approval.
Dematic is an engineering company that provides intelligent warehouse logistics and materials handling solutions.
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