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Harbor Freight launches $775 million loan at Libor plus 500 bps
By Sara Rosenberg
New York, Dec. 2 - Harbor Freight Tools launched a $775 million credit facility on Thursday with price talk of Libor plus 500 basis points with a 1.5% Libor floor, according to market sources.
The facility consists of a $750 million term loan and a $25 million revolver.
The term loan includes soft call protection of 102 in year one and 101 in year two and is being offered at an original issue discount of 99, sources remarked.
Commitments are due from lenders on Dec. 16.
Barclays is the lead bank on the deal.
Proceeds will be used to refinance an existing term loan and to fund a distribution to shareholders.
Leverage will be in the mid-2s.
Harbor Freight Tools is a Camarillo, Calif.-based tool and equipment catalog retailer.
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