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Morton firms $1.54 billion first-lien term loan B repricing at SOFR plus 350 bps at par
By Paul A. Harris
Portland, Ore, April 24 – Morton (SCIH Salt Holdings Inc.) priced a $1,543,335,459 covenant-lite first-lien term loan B due March 2027 (B3/B) with a 350 basis points spread to SOFR, atop a 0.75% floor, at par, according to a market source.
The spread came at the tight end of the 350 bps to 375 bps spread talk. The issue price came on top of price talk.
The deal is expected to close during the week of April 29.
The term loan has 101 soft call protection for six months and 0 bps CSA, the source said.
Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.
Proceeds will be used to reprice an existing term loan B due March 2027.
Morton, formerly known as Kissner, is a Chicago-based salt producer.
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