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CEVA Logistics to launch $825 million term loan B on Tuesday
By Sara Rosenberg
New York, Feb. 4 – CEVA Logistics will hold a bank meeting at 10 a.m. ET on Tuesday to launch an $825 million covenant-light term loan B due August 2025, according to a market source.
HSBC Securities (USA) Inc. is the left lead arranger on the deal, BNP Paribas is a global coordinator and Societe Generale is a joint lead arranger and joint bookrunner. HSBC is the administrative agent.
The term loan includes 101 soft call protection for six months, the source said.
Proceeds will be used to refinance an existing $475 million term loan B due August 2025 that is priced at Libor plus 375 basis points with a 0% Libor floor and to repay some of the company’s €300 million 5.25% senior secured notes due August 2025.
The refinancing is being done in connection with CMA CGM SA’s tender offer for CEVA’s shares.
Commitments are due at 5 p.m. ET on Feb. 19, the source added.
CEVA is a Switzerland-based third-party logistics company.
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