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Kronos launches $347 million term loan B at Libor plus 300 bps
By Sara Rosenberg
New York, May 11 – Kronos Worldwide Inc. held a call at 1 p.m. ET on Monday to launch a $347 million term loan B that is talked at Libor plus 300 basis points with a 1% Libor floor and a par offer price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Deutsche Bank Securities Inc. is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 375 bps with a 1% Libor floor.
Kronos is a Chelmsford, Mass.-based provider of workforce management software.
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