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Sundyne talks $450 million term loan at Libor plus 400-425 bps
By Sara Rosenberg
New York, April 9 – Sundyne US Purchaser Inc. launched on Tuesday its $450 million seven-year covenant-lite first-lien term loan with price talk of Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
The company’s $550 million of credit facilities (B2/B) also include a $100 million five-year revolver.
Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and RBC Capital Markets LLC are the joint lead arrangers and bookrunners on the deal.
Commitments are due on April 23, the source added.
Proceeds will be used to recapitalize the company and fund a distribution to shareholders.
Sundyne is an Arvada, Colo.-based designer and manufacturer of pumps and compressors.
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