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Cooper-Standard to launch $725 million term loan B on Tuesday
By Sara Rosenberg
New York, March 17 - Cooper-Standard Automotive Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $725 million seven-year covenant-light term loan B, according to a market source.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, J.P. Morgan Securities LLC and UBS Securities LLC are the bookrunners on the deal.
The term loan has 101 soft call protection for six months, the source said.
Proceeds will be used to refinance existing debt, including 8½% notes due 2018 and 7 3/8% PIK toggle notes due 2018.
Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.
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