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Allison Transmission lifts add-on term loan B-3 to $650 million
By Sara Rosenberg
New York, Dec. 18 - Allison Transmission Holdings Inc. upsized its add-on senior secured covenant-light term loan B-3 due Aug. 23, 2019 to $650 million from $500 million, according to a market source.
Furthermore, the original issue discount on the loan was tightened to 99½ from 99, the source said.
Pricing on the loan remained at Libor plus 275 basis points with a 1% Libor floor, and there is still 101 soft call protection until Feb. 26, 2014.
Recommitments were due at 1 p.m. ET on Wednesday, the source added.
Citigroup Global Markets Inc. is the lead bank on the deal.
Proceeds will be used to refinance some term loan debt due in 2017.
Closing is targeted for Dec. 27.
Allison Transmission is an Indianapolis-based automatic transmission company.
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