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United Online sets Friday launch, reveals price talk of Libor plus 350 bps
By Sara Rosenberg
New York, Nov. 9 - United Online Inc. has scheduled a bank meeting for Friday to launch its $150 million term loan B (B+), according to a market source. Furthermore, price talk of Libor plus 350 basis points came out on the tranche now that the launch is fast approaching.
Deutsche Bank is the lead bank on the deal.
Proceeds will be used to help fund a modified Dutch auction tender offer for up to 16,666,666 shares, or about 27%, of the company's outstanding common stock, at prices ranging from $9.00 to $10.50 per share.
The tender offer is expected to expire in early December.
United Online is a Woodland Hills, Calif., provider of consumer internet subscription services.
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