An Industrial safety services provider, Total Safety, has raised the interest rate it will pay on a $235 million term loan, Bloomberg reports. The Houston, Texas-headquartered company is seeking the credit to fund its buyout by Warburg Pincus.
The debt will now offer an interest rate 6.25 percentage points more than the London interbank offered rate as against the originally offered 5.75 percentage points over LIBOR. The company, which was previously planning to sell the loan at 97 cents on the dollar, will now sell it at 96 cents on the dollar.
Click here for the story from Bloomberg.