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Asurion finalizes $2.6 billion term loan at Libor plus 275 bps
By Sara Rosenberg
New York, July 28 – Asurion LLC finalized pricing on its $2.6 billion first-lien term loan (Ba3) due August 2022 at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.
Also, the issue price on the term loan firmed at par, the tight end of the 99.75 to par talk, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.
Asurion is a Nashville-based provider of technology protection services.
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