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TRC finalizes $214.9 million term loan at Libor plus 450 bps
By Sara Rosenberg
New York, Feb. 5 – TRC Cos. Inc. firmed pricing on its $214.9 million first-lien term loan (B2/B) due June 21, 2024 at Libor plus 450 basis points, the high end of the Libor plus 425 bps to 450 bps talk, according to a market source.
The term loan has a 0.75% Libor floor, a par issue price, 101 soft call protection for six months and amortization of 1% per annum.
UBS Investment Bank, Barclays, Citizens and Macquarie Capital (USA) Inc. are the leads on the deal.
Proceeds will be used to reprice an existing term loan down from Libor plus 500 bps with a 1% Libor floor.
TRC is a Lowell, Mass.-based engineering, environmental consulting and construction management firm.
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