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Hunter Fan cuts first-lien to $100 million, second-lien to $55 million
By Sara Rosenberg
New York, Dec. 19 - Hunter Fan Co. reduced its first-lien term loan to $100 million from $117 million and its second-lien term loan to $55 million from $63 million, according to sources.
Also, pricing on the first-lien term loan increased to Libor plus 525 basis points from Libor plus 500 bps, sources said.
As before, the first-lien term loan has a 1.25% Libor floor and an original issue discount of 99. The debt also includes 101 soft call protection for one year.
In addition, the maturity of the first-lien loan was shortened to five years from six years and the second-lien loan maturity was changed to six years from seven years, sources said.
The company's now $180 million credit facility, down from $205 million, still provides for a $25 million revolver.
GE Capital Markets is leading the deal.
Proceeds will be used to refinance existing debt. Due to the downsizing of the term loans, the company will no longer be paying a dividend with this transaction.
Hunter Fan is a Memphis, Tenn.-based ceiling fan manufacturer.
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