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Hanjin details $600 million three-year term loan via Morgan Stanley
By Paul A. Harris
Portland, Ore., Sept. 20 – Hanjin International Corp. plans to put in place a $600 million three-year senior secured term loan B, according to a market source.
Morgan Stanley is the administrative agent.
The deal comes with an interest rate of Libor plus 250 basis points with a 0% Libor floor and a 99.75 original issue discount.
There is 101 soft call protection for six months, and the loan has a 1% annual amortization rate.
The Los Angeles-based operator of hotels and properties plans to use the proceeds to refinance debt and fund cash on the balance sheet.
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