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Microsemi lifts term B to $909.7 million, firms at Libor plus 225 bps
By Sara Rosenberg
New York, Jan. 23 – Microsemi Corp. upsized its senior secured covenant-light term loan B due Jan. 15, 2023 to $909.7 million from $674.7 million and set pricing at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, according to a market source.
As before, the term loan has no Libor floor, a par issue price and 101 soft call protection for six months.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Recommitments were due at 2:30 p.m. ET on Monday, the source said.
Proceeds will be used to reprice an existing $674.7 million term loan B from Libor plus 300 bps with a 0.75% Libor floor, and the upsized amount will be used to pay down revolver borrowings, the source added.
Microsemi is an Aliso Viejo, Calif.-based provider of semiconductor solutions.
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