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Mitchell International widens discount on $675 million loan to 94
By Sara Rosenberg
New York, July 6 – Mitchell International Inc. revised the original issue discount on its non-fungible $675 million term loan (B2/B-) due 2024 to 94 from 96, according to a market source.
Pricing on the term loan remained at Libor plus 425 basis points with a 0.5% Libor floor.
The term loan still has 101 soft call protection for one year.
KKR Capital Markets, Jefferies LLC, SunTrust Robinson Humphrey Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.
Proceeds will be used to fund an acquisition.
Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims, collision repair, workers’ compensation and pharmacy claims industries.
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