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Ingram Micro launches $2 billion term B at Libor plus 325-350 bps
By Sara Rosenberg
New York, March 24 – Ingram Micro Inc. (Imola Merger Corp.) held a lender call on Wednesday to launch a $2 billion seven-year term loan B that is talked at Libor plus 325 basis points to 350 bps with a 0.5% 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, the source said.
JPMorgan Chase Bank, BofA Securities Inc., Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Wells Fargo Securities LLC, BMO Capital Markets, MUFG, PNC Bank, Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Mizuho, RBC Capital Markets, Bank of Nova Scotia, ING, Societe Generale and Stifel are the leads on the deal.
Commitments are due at noon ET on March 31, the source added.
Proceeds will be used with $2 billion of senior secured notes, cash on hand and equity to fund the buyout of the company by Platinum Equity from HNA Technology Co. Ltd. in a transaction valued at $7.2 billion and to refinance existing debt.
Closing is expected by the first half of this year, subject to HNA Technology shareholder and customary regulatory approvals.
Ingram Micro is an Irvine, Calif.-based provider of technology logistics services and solutions.
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