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NorthStar cuts loan to $425 million, flexes to Libor plus 550 bps
By Sara Rosenberg
New York, Nov. 9 – NorthStar Group Services, Inc. downsized its first-lien term loan to $425 million from $555 million and increased pricing to Libor plus 550 basis points from talk in the range of Libor plus 475 bps to 500 bps, according to a market source.
Also, the original issue discount on the term loan was changed to 98 from 99, the 101 soft call protection was extended to one year from six months and the maturity was shortened to six years from seven years, the source said.
The term loan still has a 1% Libor floor.
Macquarie Capital (USA) Inc. is the lead on the deal.
Proceeds will be used to refinance existing debt and to fund a dividend.
NorthStar is a New York-based provider of specialized environmental and technical services to government and commercial facility owners in need of operational, decommissioning and remediation services.
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