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Gibson Brands ups loan to $300 million, flexes to Libor plus 500 bps
By Sara Rosenberg
New York, June 23 – Gibson Brands Inc. upsized its seven-year term loan B to $300 million from $250 million and reduced pricing to Libor plus 500 basis points from Libor plus 550 bps, according to a market source.
As before, the term loan has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
KKR Capital Markets and JPMorgan Chase Bank are the leads on the deal.
Recommitments are due at noon ET on Thursday, the source added.
Allocations are expected on Thursday afternoon.
Proceeds will be used to refinance existing debt and fund a dividend.
Gibson Brands is a Nashville-based maker of musical instruments and audio equipment.
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