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Magnequench $175 million term loan to launch Monday
By Sara Rosenberg
New York, May 7 - Magnequench Inc. is scheduled to kick off syndication of a proposed $175 million senior secured 51/2-year term loan on Monday, according to a market source. Bear Stearns is the sole lead bank on the deal.
Price talk on the term loan, which is expected to close some time in early June, is not yet being disclosed.
Senior leverage is 3.2x, and interest coverage is 4.3x on a pro forma basis.
Proceeds will be used to refinance existing bank and subordinated debt, the source added.
Magnequench is an Indianapolis-based supplier of high-energy, permanent magnets and is the leading producer of Neodymium magnet materials, which provide magnetic energy for products in global markets including automotive, computer and office automation, consumer electronics, household appliances, hand tools and factory automation/industrial applications.
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