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SRAM seeking $315 million credit facility led by GE Capital
By Sara Rosenberg
New York, April 16 - SRAM Corp. is in market with a $315 million credit facility, according to a market source.
GE Capital is the lead bank on the deal that launched during the week of April 5. Mizuho signed on as syndication agent and JPMorgan signed on as documentation agent.
The facility consists of a $25 million revolver and a $290 million term loan, with both tranches talked at Libor plus 350 basis points with a 1.5% Libor floor, the source said.
The term loan is being offered at an original issue discount of 99.
Proceeds will be used to refinance existing debt.
Senior leverage is 2.7 times.
SRAM is a Chicago-based bike components company.
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