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Mannington Mills launches $275 million term B at Libor plus 350 bps
By Sara Rosenberg
New York, Sept. 8 – Mannington Mills launched on Monday its $275 million seven-year covenant-light term loan B with price talk of Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Commitments are due on Sept. 19.
RBC Capital Markets and Societe Generale are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Net leverage is 2.9 times.
Mannington Mills is a Salem, N.J.-based manufacturer of residential and commercial sheet vinyl, luxury vinyl, laminate, hardwood and porcelain tile floors, as well as commercial carpet and rubber.
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