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Otter Products to launch $725 million credit facility on Thursday
By Sara Rosenberg
New York, May 13 - Otter Products LLC is set to hold a bank meeting on Thursday to launch a $725 million credit facility, according to a market source.
Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and KeyBanc Capital Markets are the lead banks on the deal.
The facility consists of a $100 million revolver and a $625 million six-year term loan B, the source said.
Proceeds will be used to refinance existing debt and to fund a dividend.
Otter Products is a Fort Collins, Colo.-based provider of protective cases for mobile devices.
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