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TIP Trailer launches U.S. and euro term loans at discount of 99
By Sara Rosenberg
New York, July 23 - TIP Trailer Services launched on Tuesday its $150 million seven-year first-lien term loan and €163 million seven-year first-lien term loan with original issue discount talk of 99, according to a market source.
In addition, it emerged that the term loans have 101 soft call protection for one year, the source said.
The company's new credit facility (B1/BB+) also includes a €55 million six-year revolver.
As previously reported, the U.S. term loan is talked at Libor plus 425 basis points with a 1% Libor floor, the euro term loan is talked at Euribor plus 450 bps with a 1% floor, and the revolver is talked at Euribor plus 387.5 bps
Credit Suisse is the lead bank on the deal.
Proceeds will be used to help fund the buyout of the company by HNA Group Co. Ltd. from GE Capital.
TIP is a European provider of transport equipment leasing, rental and service solutions.
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