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Alltech launches $400 million term loan B at Libor plus 425-450 bps
By Sara Rosenberg
New York, Sept. 22 – Alltech Inc. launched on Wednesday its $400 million seven-year covenant-lite term loan B with price talk of Libor plus 425 basis points to 450 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.
The term loan B has 101 soft call protection for six months, the source said.
The company’s $1.13 billion of credit facilities (B2/B) also include a $305 million revolver and a $425 million term loan A.
Deutsche Bank Securities Inc., BofA Securities Inc., BMO Capital Markets, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Fifth Third and Rabobank are the bookrunners on the deal.
Commitments are due on Oct. 6, the source added.
Proceeds will be used to refinance existing debt.
Alltech is a Nicholasville, Ky.-based animal health and nutrition company.
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