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Orleans Homebuilders moves $125 million term loan launch to Wednesday
By Sara Rosenberg
New York, Nov. 29 - Orleans Homebuilders Inc. pushed off the lender call to launch its proposed $125 million term loan to Wednesday from Monday due to scheduling issues, according to a market source.
JPMorgan is the lead bank on the deal.
Price talk on the term loan is Libor plus 650 basis points with a 2% Libor floor and an original issue discount of 98.
Proceeds will be used to help fund the company's emergence from Chapter 11.
Orleans Homebuilders is a Bensalem, Pa.-based developer, builder and marketer of single-family homes, townhouses and condominiums.
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