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Jackson Hewitt talks $150 million term loan at Libor plus 800 bps
By Sara Rosenberg
New York, Sept. 12 - Jackson Hewitt Tax Service is talking its $150 million term loan at Libor plus 800 basis points with a 1.5% Libor floor and an original issue discount that is still to be determined ahead of its Thursday bank meeting, according to a market source.
Amortization on the term loan is 5% in year one, 6¼% in year two and 7½% each year thereafter.
The company's $200 million five-year credit facility also includes a $50 million revolver.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to refinance existing debt.
Jackson Hewitt is a Parsippany, N.J.-based provider of full-service individual federal and state income tax return preparation.
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