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Merrill Communications launches term loan at Libor plus 475 bps
By Sara Rosenberg
New York, May 12 – Merrill Communications LLC launched on Tuesday its $510 million seven-year covenant-light first-lien term loan with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
As previously reported, the term loan has 101 soft call protection for one year.
The company’s $560 million credit facility (B2/BB-) also includes a $50 million revolver.
Credit Suisse Securities (USA) LLC and BMO Capital Markets are the leads on the deal.
Proceeds will be used to refinance existing debt.
Commitments are due on May 27.
Merrill is a St. Paul-based provider of outsourcing solutions for complex business communication and information management.
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