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Osmose ups term loan to $245 million, spread cut to Libor plus 375 bps
By Sara Rosenberg
New York, July 21 – Osmose Holdings Inc. increased its seven-year first-lien covenant-light term loan to $245 million from $235 million and trimmed pricing to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.
In addition, the original issue discount on the term loan was revised to 99¾ from 99, the source said.
As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.
The company’s now $270 million credit facility (B2/B), up from $260 million, also includes a $25 million revolver.
Recommitments were due at 5 p.m. ET on Monday, the source added.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt.
Osmose is a Buffalo, N.Y.-based provider of wood preservation technology as well as utility and railroad asset management.
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