Burlington Coat to launch $950.5 million term loan B on Tuesday

By Sara Rosenberg

New York, April 30 - Burlington Coat Factory Warehouse Corp. is scheduled to hold a lender call at 10:30 a.m. ET on Tuesday to launch a $950.5 million term loan B due February 2017, according to a market source.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

The term loan B is talked at Libor plus 400 basis points to 425 bps with a 1.25% Libor floor and an original issue discount that is still to be determined, the source said.

The loan has 101 soft call protection for one year.

Proceeds will be used to refinance an existing $950.5 million term loan B due February 2017 that is priced at Libor plus 475 bps with a 1.5% Libor floor. This debt was sold at an original issue discount of 99 back in February 2011.

Burlington Coat Factory is a Burlington, N.J.-based discount retailer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.