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Insight Pharmaceuticals to launch $310 million facilities on Thursday
By Paul A. Harris
Portland, Ore., Oct. 2 - Insight Pharmaceuticals, LLC plans to launch $310 million of credit facilities (expected ratings B1/B+) via GE Capital on Thursday, according to a market source.
The deal is comprised of a $20 million four-year revolver and a $290 million four-year first-lien term loan.
Pricing is Libor plus 500 basis points with a 1.25% Libor floor at 99.5. The facilities have 101 soft call protection for one year.
Proceeds will be used to refinance the company's existing first-lien term loan, along with a $38 million upsizing.
A $112 million amount of the existing second-lien debt stays in place.
Insight Pharmaceuticals is a Langhorne, Pa.-based marketer and distributor of branded over-the-counter pharmaceutical products.
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