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PAE Holding talks $890 million term loan at Libor plus 450 bps
By Sara Rosenberg
New York, Oct. 1 – PAE Holding Corp. launched on Thursday its $890 million seven-year term loan B (B2/B) with price talk of Libor plus 450 basis points with a 0.75% Libor floor and an original issue discount of 98.5, according to a market source.
The term loan includes a $150 million delayed-draw tranche.
BofA Securities Inc., Citizens, Truist, Morgan Stanley Senior Funding Inc. and Stifle are the leads on the deal.
Commitments are due at noon ET on Oct. 9, the source added.
Proceeds will be used to refinance existing debt and for acquisition financing.
PAE is a Falls Church, Va.-based provider of support services for the U.S. government, its allied partners and international organizations.
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