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Mondrian launches $500 million term loan B at Libor plus 400-425 bps
By Sara Rosenberg
New York, June 14 - Mondrian Investment Partners Ltd. launched on Tuesday its $500 million senior secured covenant-light term loan with talk of Libor plus 400 basis points to 425 bps with a 1.25% Libor floor and an original issue discount of 99 to 991/2, according to a market source.
The loan includes 101 soft call protection for one year.
Morgan Stanley & Co. Inc. and Deutsche Bank Securities Inc. are the lead banks on the deal, with Morgan Stanley the left lead.
Proceeds will be used to buy out a minority shareholder and pay a dividend.
Expected ratings are Ba2/BB corporate and facility, the source added.
Commitments are due on June 28.
Mondrian is a money manager with offices in London and Philadelphia.
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