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4L Technologies launches $650 million term B at Libor plus 425 bps
By Sara Rosenberg
New York, April 4 - 4L Technologies Inc. launched on Friday its $650 million six-year covenant-light term loan B with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 991/2, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
The company's $715 million credit facility (B+) also includes a $65 million five-year revolver.
Commitments are due on April 16, the source added.
Bank of America Merrill Lynch and GE Capital Markets are the leads on the deal.
Proceeds will be used to refinance existing debt and fund a dividend.
4L Technologies is a Hoffman Estates, Ill.-based printer cartridge and mobile phone remanufacturer.
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