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CEVA Logistics talks $400 million term loan at Libor plus 375-400 bps
By Sara Rosenberg
New York, July 10 – CEVA Logistics Finance BV launched on Tuesday its $400 million seven-year first-lien term loan (B1/BB-) with price talk of Libor plus 375 basis points to 400 bps with a 0% 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.
Credit Suisse Securities (USA) LLC and HSBC are the joint global coordinators on the deal.
Commitments are due on July 24.
The company also plans on getting a new $600 million senior revolving credit and ancillary facility due 2023.
Also, an additional offering of debt, including by way of senior secured notes, contemplated in euros and in an amount of about $350 million, might follow at a later stage.
Proceeds from the new debt will be used with cash on hand to repay all $580 million term loans due 2021, to fund a tender offer for around $438 million of 9% first-lien senior secured notes due 2020 and for general corporate purposes.
CEVA is a Switzerland-based third-party logistics company.
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