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Harbor Freight Tools to launch $1 billion term loan on Wednesday
By Sara Rosenberg
New York, July 16 - Harbor Freight Tools USA Inc. is scheduled to hold a conference call at 1:30 p.m. ET on Wednesday to launch a $1 billion six-year senior secured covenant-light term loan, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
The term loan has 101 repricing protection for one year, the source said.
Proceeds will be used to refinance existing debt and fund a dividend to shareholders.
Commitments are due on July 24, the source added.
Harbor Freight is a Camarillo, Calif.-based provider of tools and equipment.
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