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Lereta finalizes $250 million term loan B at Libor plus 525 bps
By Sara Rosenberg
New York, July 27 – Lereta LLC firmed pricing on its $250 million seven-year term loan B at Libor plus 525 basis points, the low end of the Libor plus 525 bps to 550 bps talk, according to a market source.
The term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
Covenants include a first-lien net leverage ratio of 7.7x with no step-down.
The company’s $280 million of credit facilities (B2/B-) also include a $30 million five-year revolver.
Truist Securities is the lead arranger on the deal.
Proceeds will be used to help fund the buyout of the company by Flexpoint Ford and Vestar Capital Partners from equity holders, including Tarsadia Investments LLC.
Lereta is a Pomona, Calif.-based provider of real estate tax and flood services for mortgage servicers.
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