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TricorBraun cuts spread on $552 million facility to Libor plus 300 bps
By Sara Rosenberg
New York, April 29 - TricorBraun lowered pricing on its $552 million credit facility (B+) to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.
The facility consists of a $75 million revolver and a $477 million term loan.
As before, the tranches have a 1% Libor floor, and the term loan has 101 soft call protection for six months and a par offer price.
Proceeds will be used to reprice an existing revolver and term loan from Libor plus 425 bps with a 1.25% floor.
Recommitments were due on Monday, the source added.
GE Capital Markets is leading the deal.
TricorBraun is a St. Louis-based designer and deliverer of rigid packaging.
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