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Instant Brands launches $450 million loan at Libor plus 425-450 bps
By Sara Rosenberg
New York, March 23 – Instant Brands Holdings Inc. launched on Tuesday its $450 million seven-year first-lien term loan (Ba3/B) with price talk of Libor plus 425 basis points to 450 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 5% per annum.
Jefferies LLC, RBC Capital Markets, Citigroup Global Markets Inc. and BofA Securities Inc. are the arrangers on the deal.
Commitments are due at noon ET on April 6, the source added.
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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