BRP launches $335 million term loan B-2 at Libor plus 250 bps

By Sara Rosenberg

New York, June 12 – BRP Inc. launched on Wednesday its non-fungible $335 million incremental term loan B-2 due May 23, 2025 with price talk of Libor plus 250 basis points with a 0% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan B-2 has 101 soft call protection for six months, the source said.

RBC Capital Markets and BMO Capital Markets are the joint bookrunners on the deal.

Commitments are due at noon ET on June 21.

Proceeds will be used to fund a substantial issuer bid to purchase for cancellation up to C$300 million of the company’s subordinate voting shares and for general corporate purposes.

Closing is expected during the week of July 22.

BRP is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

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