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Smyrna Ready Mix pulls $315 million term loan B from market
By Sara Rosenberg
New York, Oct. 29 – Smyrna Ready Mix Concrete LLC withdrew its $315 million seven-year senior secured term loan B (B1/B+) from market and upsized its bond offering to $830 million from $515 million, according to a market source.
Talk on the term loan was Libor plus 375 basis points to 400 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
J.P. Morgan Securities LLC, BNP Paribas Securities Corp., BofA Securities Inc. and Goldman Sachs Bank USA were the lead banks on the deal.
Proceeds were going to be used to help fund acquisitions, to refinance existing debt and for general corporate purposes.
Smyrna Ready Mix is a Nashville, Tenn.-based manufacturer and retailer of ready-mixed concrete.
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