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West sets Wednesday launch for $130 million term loan
By Sara Rosenberg
New York, March 3 - West Corp. is scheduled to launch its $130 million term loan on Wednesday, according to a market source.
Wachovia is the lead bank on the deal.
The term loan is talked at Libor plus 500 basis points, with a 3.5% Libor floor, an original issue discount of 97, and hard call protection of 105 in year one and 102 in year two, the source said.
The company's existing term loan will not be changed in connection with this deal.
Proceeds will be used to help fund the acquisition of Genesys SA for €2.50 per ordinary share and for the American Depositary Shares at the dollar equivalent.
The total transaction value, excluding transaction expenses, is about €182.9 million.
West expects to complete the acquisition during the second quarter.
West is an Omaha, Neb.-based provider of outsourced communication services. Genesys is a France-based multimedia collaboration service provider.
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