Academy Sports launches $300 million term loan repricing at Libor plus 400-425 bps at par

By Paul A. Harris

Portland, Ore., May 17 – Academy Sports & Outdoors launched a $300 million repricing of a covenant-lite first-lien term loan (B2/B) on Monday, according to market sources.

Talk on the repricing sets a spread range of Libor plus 400 basis points to 425 bps versus the original Libor plus 500 bps coupon. The Libor floor remains unchanged at 0.75%.

Price talk is par.

The 101 soft call protection resets to six months.

Credit Suisse is the bookrunner.

The borrowing entity will be Academy Ltd.

Academy Sports & Outdoors is a Katy, Tex.-based sporting goods chain.

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