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Kemet launches $345 million term loan B at Libor plus 550 bps
By Sara Rosenberg
New York, April 4 – Kemet Corp. launched on Tuesday its $345 million senior secured covenant-light term loan B (B3/B) with price talk of Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to help refinance notes due 2018.
Commitments are due on April 18, the source added.
Kemet is a Simpsonville, S.C.-based supplier of electronic components.
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