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Cooper-Standard to launch $339 million term loan B on Thursday
By Sara Rosenberg
New York, April 19 – Cooper-Standard Automotive Inc. is scheduled to hold a lender call at 10 a.m. ET on Thursday to launch a $339 million covenant-light term loan B due November 2023, according to a market source.
Deutsche Bank Securities Inc. is the left bookrunner on the deal.
Price talk on the term loan B is Libor plus 225 basis points to 250 bps with a 0.75% Libor floor and a par issue price, the source said.
Proceeds will be used to reprice an existing term loan B from Libor plus 275 bps with a 0.75% Libor floor.
Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.
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