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WireCo finalizes $453 million term loan at Libor plus 500 bps
By Sara Rosenberg
New York, May 4 – WireCo firmed pricing on its $453 million senior secured first-lien term loan due September 2023 at Libor plus 500 basis points, the high end of the Libor plus 475 bps to 500 bps talk, according to a market source.
Also, the 101 soft call protection on the term loan was extended to one year from six months, the source said.
The term loan still has a 1% Libor floor and a par issue price.
Goldman Sachs Bank USA is the lead on the deal.
Closing is expected during the week of May 7.
Proceeds will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.
WireCo is a Prairie Village, Kan.-based manufacturer and distributor of wires and synthetic ropes.
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