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Howden sets $250 million add-on term loan OID at 99.375
By Sara Rosenberg
New York, Nov. 5 – Howden firmed the original issue discount on its fungible $250 million add-on term loan at 99.375, the tight end of the 99.125 to 99.375 talk, according to a market source.
Pricing on the add-on term loan is Libor plus 400 basis points with a 0% Libor floor, in line with existing term loan pricing.
JPMorgan Chase Bank is the lead on the deal.
Proceeds will be used to fund the acquisition of Compressor Products International, a Houston-based provider of aftermarket components and services to the global reciprocating compressor market, to add cash to the balance sheet and for general corporate purposes.
Howden is a Glasgow, Scotland-based provider of mission critical air and gas handling products and services.
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