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Liberty Tire modifies $150 million add-on term loan B OID to 99.25
By Sara Rosenberg
New York, Jan. 19 – Liberty Tire Recycling LLC (LTR Intermediate Holdings Inc.) changed the original issue discount on its fungible $150 million add-on green senior secured covenant-lite term loan B due May 7, 2028 (B3/B) to 99.25 from 98.57, according to a market source.
Pricing on the add-on term loan is Libor plus 450 basis points with a 1% Libor floor.
The add-on term loan and existing term loan are getting 101 soft call protection for six months.
Amortization on the add-on term loan is 1% per annum.
Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.
Recommitments were scheduled to be due at noon ET on Wednesday, the source added.
Proceeds will be used to fund the acquisition of Rubberecycle, a Lakewood, N.J.-based manufacturer of rubber products.
Pro forma for the transaction, the term loan B will total $558 million.
Liberty Tire is a Pittsburgh-based provider of tire recycling services.
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