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Safway launches $775 million term loan B at Libor plus 475 bps
By Sara Rosenberg
New York, July 21 – Safway Group Holding LLC launched on Thursday its $775 million senior secured seven-year covenant-light term loan B (B3) with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Security is a first priority lien on non-ABL assets of the credit parties and a second priority lien on ABL assets of the credit parties, subject to customary exceptions.
Morgan Stanley Senior Funding Inc., Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the joint lead arrangers and bookrunners on the deal.
Commitments are due on Aug. 4, the source added.
Proceeds will be used to refinance existing debt.
Safway is a Waukesha, Wis.-based provider of access, scaffolding, insulation, fireproofing, surface preparation and coatings solutions.
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