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Louisiana-Pacific gets $200 million revolver at Libor plus 175 bps
By Sara Rosenberg
New York, Dec. 12 - Louisiana-Pacific Corp. closed on its $200 million five-year senior secured revolving credit facility that is priced at Libor plus 175 basis point with a 30 bps unused fee, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
Pricing can range from Libor plus 175 bps to 350 bps and the unused fee can range from 30 bps to 62.5 bps, based on an EBITDA to interest ratio.
American AgCredit FLCA, CoBank, Farm Credit Services of America PCA and AgFirst Farm Credit Bank led the deal that was completed on Dec. 6.
Covenants include a capitalization ratio and an unrestricted cash and cash equivalents requirement.
Proceeds, along with cash on hand, will be used to fund the acquisition of Ainsworth Lumber Co. Ltd. for about $1.1 billion, or C$3.76 per Ainsworth common share, and terminate the company's existing revolver.
Louisiana-Pacific is a Nashville-based manufacturer of engineered wood building materials. Ainsworth is a Vancouver, B.C.-based manufacturer and marketer of oriented strand board.
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