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Big Ass Fans launches $30 million incremental term loan at 99.5 OID
By Sara Rosenberg
New York, Jan. 25 – Big Ass Fans LLC was scheduled to hold a lender call at 2 p.m. ET on Monday to launch a fungible $30 million incremental covenant-lite first-lien term loan (B2/B-) due May 2024 that is talked with an original issue discount of 99.5, according to a market source.
The incremental term loan is priced at Libor plus 375 basis points with a 1% Libor floor, in line with the existing first-lien term loan.
Credit Suisse Securities (USA) LLC is the lead arranger on the deal.
Commitments are due at noon ET on Friday, the source added.
Proceeds will be used to fund a shareholder distribution.
Big Ass Fans is a Lexington, Ky.-based producer of high volume, low speed and connected fans.
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