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ISS Said to Increase Dollar Portion of Loan Deal, Reduce Rate

ISS A/S, the world’s biggest cleaning services provider, boosted the size and reduced the rate on the dollar portion of loans it’s seeking to refinance debt, according to two people with knowledge of the matter.

The five-year term B portion is increased to $350 million from $300 million, while the interest paid was reduced to 275 basis points more than the London interbank offered rate from a range of 300 to 325 basis points proposed earlier this month, said the people, who asked not to be identified because the deal is private.

The debt, which will have a 1 percent floor on the benchmark lending rate, is priced at 99.75 cents on the dollar, the people said. The financing offers one-year soft-call protection of 101 cents, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first year, they said.

A 330 million-euro ($427 million) five-year term loan A will pay interest of 350 basis points more than the euro interbank offered rate and is priced at 99.5 cents on the euro, the people said. A basis point is 0.01 percentage point.

Goldman Sachs Group Inc., Deutsche Bank AG, Nordea Bank AB and UBS AG, arrangers of the refinancing loans, plan to allocate the loans early next week, said the people.

Copenhagen-based ISS, owned by investors including Goldman Sachs Capital Partners and EQT Partners AB, is raising the debt to replace 600 million euros of second-lien loans. It has also received support from lenders for its request to amend and extend its existing debt as it prepares for an initial public offering, people said.

The company is also pushing back the maturities of loans maturing in December 2014 and April 2015 by three years, offering to pay an interest margin of 400 basis points on the extended portion, according to a company presentation.

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