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DXP Enterprises talks $550 million term loan at SOFR plus 450-475 bps
By Sara Rosenberg
New York, Sept. 27 – DXP Enterprises Inc. launched on Wednesday its $550 million term loan B due 2030 (B2/B) with price talk of SOFR+10 basis points CSA plus 450 bps to 475 bps with a 1% floor and an original issue discount of 98.5 to 99, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Goldman Sachs Bank USA is the left lead arranger on the deal.
Commitments are due at 5 p.m. ET on Oct. 5, the source added.
Proceeds will be used with cash on the balance sheet to refinance a roughly $426 million term loan B, to add about $125 million of cash to the balance sheet to pre-fund tuck-in acquisitions under letters of intent or committed, and to pay transaction fees, expenses and original issue discount.
DXP is a Houston-based products and services distributor that adds value and cost savings solutions to industrial customers.
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