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Serta talks first-lien term loan B repricing at Libor plus 275-300 bps
By Sara Rosenberg
New York, April 4 – Serta Simmons Bedding launched on Tuesday the repricing of its first-lien term loan B at talk of Libor plus 275 basis points to 300 bps with a 1% Libor floor and a par issue price, according to a market source.
The repriced loan includes 101 soft call protection for six months, the source said.
UBS Investment Bank is the left lead on the deal.
The repricing will take the term loan B down from Libor plus 350 bps with a 1% Libor floor.
At closing last year, the term loan B was sized at $1.95 billion.
Serta, an Advent International portfolio company, is an Atlanta-based manufacturer and distributor of mattresses.
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