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TMS International to launch $450 million term loan B on Thursday
By Sara Rosenberg
New York, Feb. 15 – TMS International Corp. is scheduled to hold a lender call on Thursday to launch a $450 million seven-year term loan B (BB-), according to a market source.
JPMorgan Chase Bank is the lead on the deal.
Price talk on the term loan is SOFR plus 475 basis points with a 0.5% floor and an original issue discount of 97 to 98, the source said.
The term loan has 101 soft call protection for six months.
Commitments are due at 5 p.m. ET on Feb. 24, the source added.
Proceeds will be used to refinance an existing term loan B due August 2024.
TMS is a Pittsburgh-based provider of on-site industrial steel mill services for steelmakers.
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