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Resideo cuts spread on $950 million term B to Libor plus 225 bps
By Sara Rosenberg
New York, Feb. 8 – Resideo Technologies Inc. reduced pricing on its $950 million seven-year term loan B to Libor plus 225 basis points from talk in the range of Libor plus 250 bps to 275 bps, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.
The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.
Earlier in syndication, the term loan was upsized from $800 million.
J.P. Morgan Securities LLC is the lead on the deal.
Recommitments were scheduled to be due at 3:30 p.m. ET on Monday, the source added.
Proceeds will be used to refinance an existing senior secured term loan A and term loan B, to redeem $140 million of outstanding senior notes, to fund future acquisitions and for general corporate purposes.
The company also plans on getting a new $500 million five-year revolving credit facility.
Resideo is an Austin, Tex.-based provider of home comfort and security solutions.
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