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Axalta readies launch of $2 billion term loan B for Wednesday
By Sara Rosenberg
New York, Nov. 29 – Axalta Coating Systems Ltd. is scheduled to hold a lender call at 11 a.m. ET on Wednesday to launch a $2 billion seven-year senior secured term loan B, according to a market source.
Barclays is the left lead bookrunner on the deal and the administrative agent.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Proceeds will be used with cash from the balance sheet to refinance the company’s existing $2.021 billion term loan B due June 2024 and to pay related fees and expenses.
The borrowers are Axalta Coating Systems U.S. Holdings Inc. and Axalta Coating Systems Dutch Holding BBV.
Axalta is a Glen Mills, Pa.-based coatings company focused on providing customers with innovative, colorful and sustainable solutions.
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