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Twin-Star sets pricing for $170 million credit facility at Libor plus 300 bps
By Paul A. Harris
St. Louis, April 3 - Twin-Star International, Inc. is in the market with a $170 million credit facility being led by CIBC, according to a market source.
The deal is comprised of an $85 million term loan and an $85 million revolving credit facility, both priced at Libor plus 300 basis points. The revolver will be priced on a grid.
A bank meeting was held late last week.
Proceeds will be used to fund the $140 million acquisition of the company by Trivest Partners, leaving leverage at 5.8-times February 2007 EBITDA.
Twin-Star is an electric fireplace manufacturer with headquarters in Delray Beach, Fla.
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