Nov. 18 (Bloomberg) -- Unifrax Corp.’s $390 million term loan B backing its buyout by American Securities LLC rose in initial trading, according to information provider Markit Ltd.
The seven-year debt began trading today at 99.5 cents on the dollar, Markit said. The financing was sold to investors at 98 cents on the dollar, according to data compiled by Bloomberg.
Goldman Sachs Group Inc. arranged the deal for the Niagara Falls, New York-based producer of high-temperature insulation products, Bloomberg data show.
The loan pays interest at 5.5 percentage points more than the London interbank offered rate, with a 1.5 percent floor on the benchmark, Bloomberg data show.
A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, bank loan mutual funds and hedge funds.
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