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International Equipment talks $270 million loan at Libor plus 550 bps
By Sara Rosenberg
New York, July 29 - International Equipment Solutions LLC launched its $270 million six-year term loan B (B2/B+) on Monday with price talk of Libor plus 550 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for one year, the source said.
The loan includes amortization of 1% per annum and a maximum total net leverage covenant of 5.25 times with step-downs.
Commitments are due on Aug. 8, the source added.
BofA Merrill Lynch, J.P. Morgan Securities LLC and PNC Capital Markets LLC are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
International Equipment is an Oak Brook, Ill.-based manufacturer of highly engineered cab enclosures and attachment tools.
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