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Red Ventures tightens $425 million add-on term loan OID to 99.5
By Sara Rosenberg
New York, June 28 – Red Ventures LLC revised the original issue discount on its fungible $425 million covenant-lite add-on term loan due November 2024 to 99.5 from the 99.25 area, according to a market source.
Pricing on the add-on term loan is Libor plus 300 basis points with a 0% Libor floor.
Bank of America Merrill Lynch, Fifth Third, PNC, MUFG, Regions, Capital One, Citigroup Global Markets Inc., Barclays and Citizens are the leads on the deal.
Proceeds will be used to repay revolving credit facility borrowings.
Red Ventures is a Fort Mill, S.C.-based technology-enabled customer acquisition platform.
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