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Generac Power Systems to launch $929 million term loan B on Tuesday
By Sara Rosenberg
New York, May 1 – Generac Power Systems Inc. will hold a lender call on Tuesday to launch a $929 million term loan B that is talked at Libor plus 225 basis points with a 0.75% Libor floor and a par issue price, according to a market source.
The term loan includes 101 soft call protection for six months, the source said.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 275 bps with a step-down to Libor plus 250 bps at leverage of less than 3 times and a 0.75% Libor floor.
Generac is a Waukesha, Wis.-based designer and manufacturer of generators.
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