Sylvamo launches $500 million term loan B at Libor plus 275-300 bps

By Sara Rosenberg

New York, Aug. 9 – Sylvamo Corp. launched on Monday its $500 million seven-year term loan B (Ba1/BB+) with price talk of Libor plus 275 basis points to 300 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

BofA Securities Inc. is the lead on the deal.

Commitments are due at noon ET on Aug. 19, the source added.

Proceeds will be used to help fund the spinoff of the company from International Paper.

Sylvamo is a Memphis-based printing papers company.

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