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Charah lifts spread on $250 million term loan to Libor plus 625 bps
By Sara Rosenberg
New York, Oct. 16 – Charah LLC increased pricing on its $250 million seven-year first-lien term loan (B2/B+) to Libor plus 625 basis points from talk of Libor plus 550 bps to 575 bps, according to a market source.
Also, the original issue discount on the term loan was revised to 98 from 99, the 101 soft call protection was extended to 24 months from six months and the amortization was sweetened to 7.5% per annum from 5% per annum, the source said.
The term loan still has a 1% Libor floor.
Credit Suisse Securities (USA) LLC, Jefferies LLC and Regions Bank are the leads on the deal.
Recommitments are due at noon ET on Tuesday, the source added.
Proceeds will be used to refinance existing debt and fund a dividend.
Charah is a Louisville, Ky.-based service provider to the regulated utility industry.
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