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Ravn Alaska cuts spread on $95 million term loan to Libor plus 450 bps
By Sara Rosenberg
New York, July 8 – Ravn Alaska lowered pricing on its $95 million six-year term loan to Libor plus 450 basis points from Libor plus 475 bps, according to a market source.
In addition, the original issue discount on the term loan was revised to 99.5 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 $110 million credit facility also includes a $15 million five-year revolver.
BNP Paribas Securities Corp. and Keybanc Capital Markets are the leads on the deal.
Proceeds will be used to help fund the buyout of the company by J.F. Lehman & Co.
Ravn is an Anchorage-based airline company.
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