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Lineage ups loan to $255 million, cuts spread to Libor plus 350 bps
By Sara Rosenberg
New York, April 23 - Lineage Logistics LLC upsized its six-year first-lien term loan (B3/B) to $255 million from $220 million and reduced pricing to Libor plus 350 basis points from Libor plus 400 bps, according to market sources.
Also, the original issue discount was tightened to 99½ from 99 and the 101 soft call protection was shortened to six months from one year, sources said.
The 1% Libor floor was unchanged.
Recommitments were due at 5 p.m. ET on Tuesday.
Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., SunTrust Robinson Humphrey Inc. and KKR Capital Markets are the leads on the deal.
Proceeds will be used to refinance existing debt, to fund acquisitions and for general corporate purposes. Of the incremental amount raised through the upsizing, $25 million will be used for general corporate purposes and $10 million will go into a restricted account to cash collateralize letters-of-credit, sources added.
Lineage Logistics is a Colton, Calif.-based cold storage warehousing and logistics company.
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