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Ferro to launch $625 million U.S. and euro term loan B on Thursday
By Sara Rosenberg
New York, Jan. 25 – Ferro Corp. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch a $625 million seven-year covenant-light term loan B that includes a euro carve-out of $250 million equivalent, according to a market source.
Deutsche Bank Securities Inc., PNC Bank, Bank of America Merrill Lynch and HSBC Securities (USA) Inc. are the bookrunners on the deal, and co-managers are J.P. Morgan Securities LLC, KeyBanc Capital Markets, Citizens and Fifth Third Bank.
The term loan B has 101 soft call protection for six months, the source said.
Proceeds will be used to refinance existing bank debt.
Ferro is a Mayfield Heights, Ohio-based functional coatings and color solutions provider that offers a portfolio of technology-based performance materials.
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