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Trader Corp. launches $395 million term loan at Libor plus 325 bps
By Sara Rosenberg
New York, Feb. 23 – Trader Corp. launched on Thursday its $395 million first-lien term loan due September 2023 with price talk of Libor plus 325 basis points with a 1% Libor floor and a par issue price, according to a market source.
The term loan includes 101 soft call protection for six months, the source said.
Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Macquarie Capital (USA) Inc. are the leads on the deal.
Commitments are due at 4 p.m. ET on Wednesday, the source added.
Proceeds will be used to reprice an existing first-lien term loan from Libor plus 400 bps with a 1% Libor floor.
Trader Corp. is an Etobicoke, Ont.-based digital automotive marketplace.
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