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Contec seeks $205 million credit facility
By Sara Rosenberg
New York, July 15 - Contec Holdings is currently in market with a $205 million credit facility, according to a market source.
Barclays is the lead bank on the deal that was launched with a bank meeting on July 9.
The facility consists of a $20 million revolver talked at Libor plus 450 basis points and a $185 million term loan talked at Libor plus 475 bps, the source said.
The term loan has a 3% Libor floor and is being offered to investors at an original issue discount of 97 to 98, the source added.
Proceeds will be used to help fund the leveraged buyout of the company by Bain Capital.
Contec is a consumer premise equipment repair company providing services to the broadband industry with offices in Schenectady, N.Y.
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