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Generic Drug tightens discount on $380 million term loan B to 99½
By Sara Rosenberg
New York, Aug. 13 - Generic Drug Holdings Inc. (Harvard Drug) moved the original issue discount on its $380 million senior secured term loan B (B1/B) to 99½ from 99, according to a market source.
Pricing on the loan is Libor plus 400 basis points with a 1% Libor floor and it includes 101 soft call protection for six months as well as a maximum total leverage ratio.
Earlier in syndication, the spread was reduced from talk of Libor plus 425 bps to 450 bps and the soft call was shortened from one year.
Recommitments were due at 3 p.m. ET on Tuesday, the source added.
Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.
Proceeds will be used to refinance existing debt and pay a dividend to shareholders.
Generic Drug is a Livonia, Mich.-based independent pharmaceutical distributor.
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