Sylvamo finalizes $450 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Aug. 20 – Sylvamo Corp. firmed pricing on its $450 million seven-year term loan B at Libor plus 450 basis points, the high end of revised talk of Libor plus 425 bps to 450 bps and up from initial talk in the range of Libor plus 275 bps to 300 bps, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Earlier in syndication, the term loan was downsized from $500 million, the discount was set at the wide end of the 99 to 99.5 talk and the call protection was extended from six months.

BofA Securities Inc. is the lead on the deal.

Proceeds will be used with $450 million of senior notes, downsized recently from $500 million, to help fund the spinoff of the company from International Paper.

Sylvamo is a Memphis-based printing papers company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.