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Floatel launches $650 million term loan at Libor plus 475-500 bps
By Sara Rosenberg
New York, May 6 - Floatel International Ltd. launched its $650 million six-year covenant-light first-lien term loan on Tuesday with price talk of Libor plus 475 basis points to 500 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 one year.
Commitments are due at noon ET on May 20, the source said.
Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are the bookrunners on the deal.
Proceeds will be used to refinance existing debt.
Floatel is a Sweden-based owner and operator of offshore accommodation and construction support vessels.
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