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Progressive Waste launches $500 million term B at Libor plus 275 bps
By Sara Rosenberg
New York, Oct. 3 - Progressive Waste Solutions Ltd. launched its $500 million term loan B on Tuesday with price talk of Libor plus 275 basis points with a 1% Libor floor and an original issue discount of 99 to 991/2, according to a market source.
Included in the B loan is 101 soft call protection for one year.
The company's $2.25 billion credit facility also includes a $1.75 billion revolver.
Bank of America Merrill Lynch, TD Securities, CIBC World Markets Corp. and J.P. Morgan Securities LLC are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
Progressive Waste is Vaughan, Ont.-based full-service, vertically integrated waste management company.
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