99 Cent sets Thursday launch for $525 million term loan repricing

By Sara Rosenberg

New York, March 21 - 99 Cent Only Stores has scheduled a conference call for 2:30 p.m. ET on Thursday to launch a repricing of its $525 million senior secured term loan, according to a market source.

The term loan was obtained late last year at pricing of Libor plus 550 basis points with a 1.5% Libor floor, and it was sold at an original issue discount of 98.

There is soft call protection of 102 in year one and 101 in year two, and as a result, existing lenders are getting paid down at 102, the source said.

RBC Capital Markets, BMO Capital Markets and Deutsche Bank Securities Inc. are the lead banks on the deal.

99 Cent is a City of Commerce, Calif.-based operator of extreme value retail stores.

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