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RE/MAX finalizes $460 million term loan B at Libor plus 250 bps
By Sara Rosenberg
New York, June 24 – RE/MAX LLC set pricing on its $460 million seven-year term loan B (Ba3/BB) at Libor plus 250 basis points, the low end of the Libor plus 250 bps to 275 bps talk, according to a market source.
In addition, the original issue discount on the term loan was changed to 99.75 from 99, the source said.
As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.
JPMorgan Chase Bank is the lead on the deal.
Proceeds will be used to refinance existing debt and to fund the acquisition of North America regions of RE/MAX Integra.
RE/MAX is a Denver-based franchisor of real estate brokerage services.
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