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Otis Spunkmeyer seeks term loan add-on, repricing
By Sara Rosenberg
New York, Aug. 12 - Otis Spunkmeyer Inc. is looking to increase its term loan B by $40 million to $170 million and reprice the entire tranche at a lower rate, according to a market source.
Merrill Lynch is the lead bank on the deal.
The proposed new pricing on the term loan B is talked at Libor plus 250 to 275 basis points, the source added.
The company's $22.5 million revolver will be left unchanged in terms of size and pricing.
The San Leandro, Calif., cookie company held a lender call this past Wednesday to launch the amendment and proposed upsizing.
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