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Vectra revises discount on $450 million first-lien term loan to 90
By Sara Rosenberg
New York, May 13 – Vectra Co. (Duke Finance LLC) tightened the original issue discount on its $450 million first-lien term loan due Oct 28, 2021 (Ba3/B) to 90 from 89, according to a market source.
Pricing on the term loan is still Libor plus 600 basis points with a 1% Libor floor, and there is 101 soft call protection through Oct. 28, 2016.
Credit Suisse Securities (USA) LLC and SMBC are the lead banks on the deal.
Proceeds will be used to fund the buyout of the company by Apollo Global Management LLC, which was completed in October 2015.
Vectra, formerly known as OM Group Inc., is a St. Louis-based technology-driven specialty materials and specialty chemicals company.
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