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optionsXpress gets $120 million term loan led by Bank of America
By Sara Rosenberg
New York, Nov. 29 - optionsXpress Holdings Inc. closed on a $120 million senior secured term loan, according to an 8-K filed with the Securities and Exchange Commission on Monday.
Bank of America acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Nov. 22.
The loan is available to be drawn until Dec. 22 and scheduled to mature on Nov. 22, 2014.
Initial pricing on the loan is Libor plus 250 basis points. Pricing can range from Libor plus 200 bps to 300 bps based on leverage.
Financial covenants include a maximum consolidated leverage ratio, minimum cash interest coverage ratio and minimum excess net capital.
Proceeds will be used to help fund a cash dividend of $4.50 per share on the company's common stock. The total amount of the dividend is approximately $259 million and is payable on Dec. 27.
optionsXpress is a Chicago-based provider of online brokerage services for investor education, strategy evaluation and trade execution.
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