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U.S. Shipping launches $213 million term loan at Libor plus 425-450 bps
By Sara Rosenberg
New York, July 17 – U.S. Shipping Corp. launched on Thursday its $213 million first-lien term loan due April 2018 with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and a par offer price, according to a market source.
UBS AG is the lead bank on the deal.
Proceeds will be used to reprice the company’s existing term loan B from Libor plus 775 bps with a 1.25% Libor floor.
Existing lenders will get paid out at 102 due to the current call protection.
Commitments are due on July 24, the source added.
U.S. Shipping is an Edison, N.J.-based provider of long-haul marine transportation services.
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