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GeoStabilization firms $175 million first-lien term loan at 99 OID
By Sara Rosenberg
New York, Oct. 5 – GeoStabilization International set the original issue discount on its $175 million first-lien term loan due December 2028 (B2/B) at 99, the tight end of the 98.5 to 99 talk, according to a market source.
Pricing on the term loan remained at SOFR plus 525 basis points with a 0% floor.
The term loan still has 101 soft call protection for six months.
UBS Investment Bank and KKR Capital Markets are the leads on the deal.
Proceeds will be used to amend and extend an existing $175 million covenant-lite first-lien term loan due December 2025.
The existing term loan was issued in 2018 to fund the buyout of the company by KKR.
GeoStabilization is a provider of highly specialized, mission-critical, and non-discretionary geohazard mitigation solutions across the United States and Canada.
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