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Arctic Glacier prices $279 million Libor plus 400 bps loan at par
By Paul A. Harris
Portland, Ore., Feb. 21 - Arctic Glacier LLC priced its $279 million Libor plus 400 basis points first-lien covenant-light term loan due May 2019 (B3/B) at par, a market source said on Friday.
The spread and reoffer price came on top of talk.
The deal features a 1% Libor floor and has 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor.
Arctic Glacier is a Winnipeg-based manufacturer and distributor of packaged ice.
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