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Sensata Technologies talks term loan repricing at Libor plus 275 bps
By Sara Rosenberg
New York, Nov. 28 - Sensata Technologies BV launched its $1,086,250,000 term loan on Wednesday with talk of Libor plus 275 basis points with a 1% Libor floor, according to a market source.
The loan has 101 soft call protection for one year.
Proceeds will be used to reprice the existing term loan from Libor plus 300 bps with a 1% Libor floor.
In addition, the company is looking to amend its credit facility to eliminate the excess cash sweep for 2012, adjust the prepayment percentage grid, eliminate the Korean guarantors and include Belgian guarantors, the source said.
Signature pages are due at noon ET on Tuesday.
Morgan Stanley Senior Funding Inc. and Barclays Capital Inc. are the joint lead arrangers on the deal.
Sensata is an Attleboro, Mass.-based designer and manufacturer of sensors and controls.
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