Albaugh shops $325 million term loan B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Nov. 30 – Albaugh LLC is in market with a $325 million seven-year covenant-light term loan B that is talked at Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $425 million of credit facilities (BB) also include a $100 million five-year revolver.

HSBC Securities (USA) Inc. is the lead bank on the deal that launched with a call on Wednesday.

Proceeds will be used to refinance existing debt.

Commitments are due on Dec. 12, the source added.

Albaugh is an Ankeny, Iowa-based producer of generic crop protection products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.