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SeaStar ups term B to $210 million, cuts spread to Libor plus 425 bps
By Sara Rosenberg
New York, Jan. 15 - SeaStar Solutions increased its seven-year term loan B to $210 million from $200 million and decreased pricing to Libor plus 425 basis points from talk of Libor plus 450 bps to 475 bps, according to a market source.
Also, the original issue discount on the term loan was tightened to 99½ from 99 and the amortization was changed to 2.5% per annum from 2.5% in years one and two, and 5% thereafter, the source said.
The B loan still has a 1% Libor floor and 101 soft call protection for six months.
The company's now $235 million credit facility (B2/B), up from $225 million, also includes a $25 million revolver.
Commitments are due at noon ET on Thursday, accelerated from Jan. 22.
RBC Capital Markets and GE Capital Markets are the leads on the deal.
Proceeds will be used to help fund the buyout of the company by American Securities.
As a result of the term loan B upsizing, the amount of equity being used for the buyout is being reduced, the source added.
SeaStar is a manufacturer and distributor of marine steering and control systems and engine and drive parts.
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