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NorthStar Group pulls $710 million term loan from market
By Sara Rosenberg
New York, Nov. 21 – NorthStar Group Services Inc. elected to withdraw its $710 million five-year covenant-lite first-lien term loan (B2/B+) from market, according to a market source.
The term loan was talked at SOFR plus 525 basis points with a 0% floor, an original issue discount of 97.5 to 98 and 101 soft call protection for six months.
Macquarie Capital (USA) Inc. was acting as the sole arranger and bookrunner on the deal.
The company was also planning on getting a $125 million four-year ABL revolver.
Proceeds were going to be used to refinance the company’s existing credit facilities.
NorthStar, a J.F. Lehman & Co. portfolio company, is a New York-based provider of diversified infrastructure and environmental services across its four segment markets: Commercial & Industrial Deconstruction, Nuclear Services, Environment Services, and Response & Restoration.
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