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Gates launches $570.6 million term loan B-4 at SOFR plus 300-325 bps
By Sara Rosenberg
New York, Sept. 26 – Gates Global was scheduled to hold a lender call at 9:30 a.m. ET on Tuesday to launch a $570.6 million senior secured term loan B-4 due November 2029 (Ba3/B+) that is talked at SOFR plus 300 basis points to 325 bps with a 0.5% floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Citigroup Global Markets Inc. is the left lead arranger on the deal. Credit Suisse is the administrative agent.
Commitments from existing lenders are due at 5 p.m. ET on Thursday, and commitments from new lenders are due at noon ET on Friday, the source added.
Proceeds will be used to reprice an existing term loan down from SOFR plus 350 bps with a 0.5% floor.
Closing is expected during the week of Oct. 2.
Gates Global is a Denver-based manufacturer of application-specific fluid power and power transmission solutions.
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