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Instant Brands to launch $450 million term loan on Tuesday
By Sara Rosenberg
New York, March 22 – Instant Brands Holdings Inc. is set to hold a bank meeting at 3 p.m. ET on Tuesday to launch a $450 million seven-year first-lien term loan, according to a market source.
Jefferies LLC, RBC Capital Markets, Citigroup Global Markets Inc. and BofA Securities Inc. are the arrangers on the deal.
The term loan has 101 soft call protection for six months and amortization of 5% per annum, the source said.
Proceeds will be used to refinance existing debt and fund a distribution to shareholders.
Instant Brands is a manufacturer of kitchen and houseware brands, such as Instant, Pyrex, Corelle, CorningWare, SnapWare, Chicago Cutlery and Visions.
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