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Flynn Canada cuts term loan to $250 million, widens pricing
By Sara Rosenberg
New York, July 23 – Flynn Canada Ltd. downsized its first-lien term loan to $250 million from $300 million and increased pricing to Libor plus 450 basis points from Libor plus 350 bps, according to a market source.
In addition, the original issue discount on the term loan widened to 97 from talk in the range of 99 to 99.5 and the 101 soft call protection was extended to one year from six months, the source said.
The term loan still has a 0.5% Libor floor.
JPMorgan Chase Bank is the lead on the deal.
Recommitments were scheduled to be due at 10:30 a.m. ET on Friday, the source added.
Proceeds will be used to help refinance existing debt, pay a shareholder distribution and share buyback, and fund an acquisition.
Flynn is a Toronto-based commercial roofing, glazing and cladding contractor.
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