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Royal Oak launches $400 million term loan B at Libor plus 400-425 bps
By Sara Rosenberg
New York, Dec. 1 – Royal Oak Enterprises (Ozark Holdings LLC) launched on Tuesday its $400 million seven-year senior secured first-lien term loan B with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months.
Security is a first-priority lien on substantially all assets and pledge of stock.
Barclays and Citigroup Global Markets Inc. are the bookrunners on the deal. Barclays is the administrative agent.
Commitments are due at noon ET on Dec. 11.
Proceeds will be used to repay an existing term loan and repurchase a minority interest to increase Mariposa Capital’s ownership in the company.
Royal Oak is a Roswell, Ga.-based manufacturer and distributor of fire building products and other consumable products.
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