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Cornerstone Building, Tekni-Plex price guidance surfaces; Atlantic Aviation readies deal
By Sara Rosenberg
New York, July 13 – In the primary market on Wednesday, Cornerstone Building Brands Inc. released price talk on its first-lien term loan with launch, and Tekni-Plex Inc. (Trident TPI Holdings Inc.) approached lenders with an incremental first-lien term loan.
Cornerstone Building held its call in the afternoon and announced price talk on its $410 million six-year covenant-lite first-lien term loan (B2/B) at SOFR plus 562.5 basis points with a 0.5% floor and an original issue discount of 93, according to a market source.
The term loan is non-callable for two years, then at 75% of the coupon in year three and 37.5% of the coupon in year four.
Furthermore, Atlantic Aviation (KKR Apple Bidco LLC) surfaced with plans to bring an incremental first-lien term loan to market this week.
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