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Ceridian launches $342 million term loan at Libor plus 575 bps
By Sara Rosenberg
New York, Aug. 6 - Ceridian Corp. held a call at 11 a.m. ET on Monday to launch a $342 million term loan due May 2017 that is talked at Libor plus 575 basis points with an original issue discount of 98, according to a market source.
There is 101 soft call protection for one year.
Pricing on the loan matches the company's existing extended term loan due May 2017.
Proceeds will be used to refinance about $342 million of non-extended term loan borrowings.
Commitments are due at 3 p.m. ET on Tuesday, the source said.
In addition, the company is seeking to amend its existing credit facility to allow for fungibility of the new term loan, the source added.
Consents for the amendment are due on Thursday.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the lead banks on the deal.
Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.
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