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WCI term loan talked in Libor plus 200 bps area
By Sara Rosenberg
New York, Dec. 5 - WCI Communities Inc.'s proposed $300 million senior unsecured term loan is currently being talked in the Libor plus 200 basis point area, according to a market source.
KeyBanc Capital Markets and Wachovia Securities are joint lead arrangers on the deal, with KeyBanc acting as bookrunner.
Proceeds from the term loan, which was launched into syndication on Nov. 30, will be used primarily to buy back the company's 10 5/8% senior subordinated notes due 2011.
The Bonita Springs, Fla., builder of traditional and tower residences in lifestyle communities has $298 million of the notes outstanding.
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