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Key Safety Systems to launch $75 million add-on term B on Thursday
By Sara Rosenberg
New York, March 27 - Key Safety Systems Inc. is set to hold a lender call at 11 a.m. ET on Thursday to launch a proposed $75 million add-on term loan B due March 2014, according to a market source.
UBS Securities LLC and Citigroup Global Markets Inc. are the lead banks on the deal.
Pricing on the add-on is Libor plus 225 basis points with the original issue discount still to be determined, the source said.
Spread and maturity on the add-on loan match that of the existing term loan B.
Proceeds will be used to refinance revolver borrowings and provide additional liquidity, the source added.
Key Safety Systems is a Sterling Heights, Mich.-based supplier of automotive safety components and systems.
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