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Monitronics launches $700 million term loan at Libor plus 500-525 bps
By Sara Rosenberg
New York, Sept. 8 – Monitronics International Inc. launched on Thursday its $700 million six-year term loan (B-) with price talk of Libor plus 500 basis points to 525 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.
Commitments are due at noon ET on Sept. 21, the source added.
Proceeds will be used to refinance revolver borrowings, a term loan due in 2018 and a term loan due in 2022.
Other funds for the refinancing will come from a notes offering.
Monitronics is a Dallas-based home security alarm monitoring company.
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