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Lakeshore launches $300 million term loan B at Libor plus 425-450 bps
By Sara Rosenberg
New York, Aug. 3 – Lakeshore Recycling Systems (LRS Holdings LLC) held a lender call at 2 p.m. ET on Tuesday to launch a $300 million term loan B due 2028 that is talked at 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, the source said.
Commitments are due at noon ET on Aug. 12.
The company’s $398 million of credit facilities (B3/B) also include a $75 million revolver and a $23 million delayed-draw term loan.
JPMorgan Chase Bank is the lead on the deal.
Proceeds will be used to help fund the buyout of the company by Macquarie Infrastructure and Real Assets.
Lakeshore is a Morton Grove, Ill.-based recycling and waste diversion services provider.
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