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Husky Injection talks $1.3 billion term loan B at SOFR plus 525 bps
By Sara Rosenberg
New York, Jan. 23 – Husky Injection Molding Systems Ltd. launched on Tuesday its $1.3 billion five-year covenant-lite term loan B (B-) with price talk of SOFR plus 525 basis points with a 0% floor and an original issue discount of 98, according to a market source.
The term loan has 101 soft call protection for six months.
Deutsche Bank Securities Inc., BofA Securities Inc. and others to be announced are the bookrunners on the deal. Deutsche is the administrative agent.
Commitments are due at 5 p.m. ET on Jan. 31.
Proceeds will be used with $1.3 billion of senior secured notes and new preferred equity to refinance the company’s existing capital structure, including senior notes due 2026, senior PIK notes due 2025 and credit facilities borrowings, and to pay respective fees and expenses.
Husky is a Bolton, Ont.-based provider of engineered tooling, services and systems primarily to the food and beverage packaging and medical end markets.
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