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Renfro launches $220 million term loan B at Libor plus 500 bps
By Sara Rosenberg
New York, Jan. 10 - Renfro Corp. launched on Thursday its $220 million term loan B (B2/B) with price talk of Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.
The loan has 101 soft call protection for one year, the source said.
Commitments are due on Jan. 24.
RBC Capital Markets is the lead bank on the deal.
Proceeds will be used to refinance an existing term loan and fund a distribution to shareholders.
With this transaction, the company's existing revolver will remain in place.
Renfro is a Mount Airy, N.C.-based designer, manufacturer and marketer of socks.
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