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Ferro launches $300 million term loan B at Libor plus 325-350 bps
By Sara Rosenberg
New York, July 8 – Ferro Corp. launched on Tuesday its $300 million seven-year term loan B with price talk of Libor plus 325 basis points to 350 bps with a 1% Libor floor and an original issue discount of 99˝, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
The company’s $500 million credit facility (Ba3/B+) also includes a $200 million five-year revolver.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Ferro is a Mayfield Heights, Ohio-based supplier of technology-based performance materials, including glass-based coatings, pigments and colors, and polishing materials.
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