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Formula 1 launches $2.85 billion term loan at Libor plus 325 bps
By Sara Rosenberg
New York, Feb. 14 – Formula 1 (Delta Topco Ltd.) launched on Tuesday its $2.85 billion term loan with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
KKR Capital Markets is the lead on the deal.
Proceeds will be used with cash on hand to refinance a $3,145,000,000 first-lien term loan priced at Libor plus 375 bps with a 1% Libor floor.
Formula 1 is a motorsports business.
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