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Outsourcing Services to complete refinancing of $70 million loan in June
By Sara Rosenberg
New York, May 15 - Outsourcing Services Group Inc. is hoping to close on a new $70 million credit facility during mid-to-late June, according to a company spokesman. Proceeds will be used to refinance the existing $70 million revolver that matures in April 2003. Deutsche Bank is the lead bank on the deal.
The new loan consists of a $40 million revolver with an expected interest rate around Libor plus 275 basis points and a $30 million term B with an expected interest rate around Libor plus 600 basis points, the company spokesman said. Both tranches of the loan mature on Oct. 1, 2005. The revolver is secured by a second priority lien on property plant and equipment and a first priority lien on all other assets, according to the spokesman. The term B is secured by a first priority lien on property plant and equipment and a second priority lien on all other assets.
Moody's Investors Service rates the revolver B2 and the term B3.
Outsourcing Services Group, based in Allendale, N.J., is a provider of outsourced services to the beauty aid and healthcare markets.
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