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System One firms $320 million term loan at Libor plus 400 bps
By Sara Rosenberg
New York, Aug. 12 – System One Holdings LLC set pricing on its $320 million term loan due March 2028 at Libor plus 400 basis points, the high end of the Libor plus 375 bps to 400 bps talk, according to a market source.
Furthermore, the issue price on the term loan was changed to par from 99.75, the source said.
The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.
Truist Securities is the lead on the deal.
Proceeds will be used to reprice an existing term loan down from Libor plus 450 bps with a 0.75% Libor floor.
System One is a Pittsburgh-based provider of specialized workforce solutions and integrated services.
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