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Carlyle’s NBTY Said to Lower Rate on $1.51 Billion Term Loan

NBTY Inc., the manufacturer of nutritional supplements owned by Carlyle Group, set the rate it will pay on a $1.51 billion covenant-lite term loan it’s seeking to refinance debt, according to a person with knowledge of the transaction.

The debt due in October 2017, will pay interest at 2.5 percentage points to 2.75 percentage points more than the London interbank offered rate and will be sold at par, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1 percent floor.

Lenders are being offered soft-call protection of 101 cents through October 2013, meaning the company would have to pay 1 cent more than face value to refinance the debt before that date, according to the person.

Barclays Plc, Bank of America Corp. and Credit Suisse Group AG are arranging the financing and commitments are due Feb. 7 by 5 p.m. in New York, the person said. The debt is rated rated Ba3 by Moody’s Investors Service and BB- by Standard & Poor’s.

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