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Steinway launches $105 million add-on first-lien loan at OID of 99
By Sara Rosenberg
New York, May 12 - Steinway Musical Instruments Inc. launched on Monday its $105 million add-on first-lien term loan (B2) with original issue discount talk of 99, according to a market source.
Pricing on the add-on matches the existing first-lien term loan at Libor plus 375 basis points with a 1% Libor floor.
Commitments are due on May 19, the source said.
Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the lead banks on the deal.
Proceeds will be used to refinance an existing second-lien term loan, the source said.
Steinway is a Waltham, Mass.-based musical instruments company.
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