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Form Technologies flexes $640 million term loan to Libor plus 475 bps
By Sara Rosenberg
New York, Feb. 18 – Form Technologies trimmed pricing on its $640 million first-out term loan due July 2025 to Libor plus 475 basis points from Libor plus 500 bps, according to a market source.
The term loan has a 25 bps step-down at B3/B- ratings, a 1% Libor floor and hard call protection of 102 in year one and 101 in year two.
J.P. Morgan Securities LLC is the lead on the deal.
Proceeds will be used to help refinance/extend existing term loan debt.
Lenders are offered a 50 bps consent fee on the existing term loan and 100 bps PIK on extended term loan amounts.
Form Technologies is a Charlotte, N.C.-based precision component manufacturer.
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