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Vistage to launch $150 million term loan B on Thursday morning
By Sara Rosenberg
New York, July 14 – Vistage is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch a $150 million term loan B, according to a market source.
SunTrust Robinson Humphrey Inc. and Credit Suisse Securities (USA) LLC are the leads on the deal.
The term loan B is talked at Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99, the source said.
Included in the term loan is 101 soft call protection for six months and a net leverage covenant.
Proceeds will be used to refinance existing debt and fund a dividend.
Vistage, a TowerBrook Capital portfolio company, is a San Diego, Calif.-based for-profit membership organization of CEOs.
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