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Telular launches $55 million add-on first-lien term loan to investors
By Sara Rosenberg
New York, June 17 – Telular Corp. held a bank meeting in New York on Wednesday to launch a $55 million add-on first-lien term loan, according to a market source.
SunTrust Robinson Humphrey Inc. is the lead on the deal.
Price talk on the term loan is Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99.5, the source said.
The term loan has 101 soft call protection for six months.
Proceeds will be used to fund an acquisition and pay down a $37.5 million second-lien term loan, the source added.
Total leverage is 4.5 times.
Telular is a Chicago-based provider of remote monitoring and asset tracking solutions for business and residential customers.
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