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Foley launches $370 million term loan at SOFR plus 450-475 bps
By Sara Rosenberg
New York, Jan. 27 – Foley Products Co. LLC launched on Thursday its $370 million seven-year covenant-lite first-lien term loan (B2/B) with price talk of SOFR+CSA plus 450 basis points to 475 bps with a 0.5% floor and an original issue discount of 99, according to a market source.
CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, the source said.
The term loan has 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC and Truist are the lead arrangers on the deal.
Commitments are due at 5 p.m. ET on Feb. 10.
Proceeds will be used to recapitalize Foley in conjunction with a minority investment from Oaktree Capital for a 37% stake in the company.
Foley is a Columbus, Ga.-based producer of precast concrete products.
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