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Circor finalizes $530 million term loan at Libor plus 450 bps
By Sara Rosenberg
New York, Dec. 13 – Circor International Inc. firmed pricing on its $530 million seven-year term loan at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.
The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.
The company’s $630 million of credit facilities (B2/B-) also include a $100 million five-year revolver.
Truist Securities, Citizens Bank and KeyBanc Capital Markets are the joint lead arrangers on the deal.
Commitments are due at 5 p.m. ET on Tuesday, accelerated from Thursday, the source added.
Proceeds will be used to refinance existing debt and pay transaction related fees.
Circor is a Burlington, Mass.-based provider of mission critical flow control products and services for the industrial and aerospace & defense markets.
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