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Milacron launches $343 million term loan at Libor plus 300 bps
By Sara Rosenberg
New York, March 19 - Milacron LLC held a call at 11 a.m. ET on Wednesday to launch a $343 million term loan that is talked at Libor plus 300 basis points with a 1% Libor floor, according to a market source.
Of the total term loan amount, $100 million is an add-on that is offered at an original issue discount of 99½ to 99¾ and the remainder is a repricing of existing term loan debt that is offered at par, the source said.
The term loan has 101 soft call protection for one year.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds from the add-on will be used to repurchase some notes and fund acquisitions, and the repricing will take the existing term loan down from Libor plus 325 bps with a 1% Libor floor.
Milacron is a Cincinnati-based provider of plastics processing technologies and industrial fluids.
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