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Ilpea Industries talks $200 million term loan B at Libor plus 450 bps
By Sara Rosenberg
New York, Feb. 2 – Ilpea Industries Inc. is shopping its $200 million term loan B with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
The company’s roughly $250 million equivalent credit facility (B2) also includes a $25 million revolver and a €24 million term loan B.
PNC Bank and J.P. Morgan Securities LLC are the lead banks on the deal that launched earlier this week.
Commitments are due on Feb. 14, the source said.
Proceeds will be used to refinance existing debt and redeem preferred stock.
Closing is targeted for the end of this month, the source added.
Ilpea is a Scottsburg, Ind.-based producer of custom plastic extrusions for the appliance and construction industries.
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