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SRAM readies launch of $503 million term loan B for Wednesday
By Sara Rosenberg
New York, April 10 – SRAM LLC will hold a lender call on Wednesday to launch a $503 million term loan B due March 2024, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Price talk on the term loan is Libor plus 275 basis points to 300 bps with a 1% Libor floor and a par issue price, the source said.
The term loan has 101 soft call protection for six months.
Proceeds will be used to reprice an existing term loan down from Libor plus 325 bps with a 1% Libor floor.
Commitments are due on April 18, the source added.
SRAM is a Chicago-based bicycle components company.
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