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Wells Enterprises launches $100 million add-on loan at 99.27-99.5 OID
By Sara Rosenberg
New York, Sept. 30 – Wells Enterprises Inc. launched on Thursday its fungible $100 million add-on term loan with original issue discount talk of 99.27 to 99.5, according to a market source.
Pricing on the add-on term loan is Libor plus 300 basis points with a ratings-based step-down to Libor plus 275 bps and a 0% Libor floor.
The add-on term loan has 101 soft call protection for six months, the source said.
BMO Capital Markets is the lead on the deal.
Commitments are due at noon ET on Oct. 14, the source added.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Wells Enterprises is a Le Mars, Iowa-based ice cream and frozen treat manufacturer.
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