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WireCo finalizes $472 million term loan B at par issue price
By Sara Rosenberg
New York, Dec. 15 – WireCo WorldGroup Inc. firmed the issue price on its $472 million term loan B due November 2028 at par, the tight end of the 99.75 to par talk, according to a market source.
Pricing on the term loan is SOFR plus 375 basis points with a 25 bps step-down upon an initial public offering and a 0% floor.
The term loan has 101 soft call protection for six months and 0 bps CSA.
JPMorgan Chase Bank is the lead on the deal.
Proceeds will be used to reprice an existing term loan down from SOFR+CSA plus 425 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.
WireCo is a Prairie Village, Kan.-based manufacturer and distributor of wires and synthetic ropes.
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