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Gemini HDPE flexes $411 million term loan B to Libor plus 300 bps
By Sara Rosenberg
New York, Jan. 18 – Gemini HDPE LLC reduced pricing on its $411 million term loan B due Aug. 7, 2021 to Libor plus 300 basis points from talk of Libor plus 325 bps, according to a market source.
The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
Barclays is the bookrunner on the deal.
Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source said.
Proceeds will be used to reprice an existing term loan from Libor plus 375 bps with a 1% Libor floor.
Gemini HDPE is a bimodal, high-density polyethylene plant in Texas.
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