Fender Musical talks $200 million term loan B at Libor plus 500 bps

By Sara Rosenberg

New York, March 14 - Fender Musical Instruments Corp. is talking its $200 million six-year term loan B at Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 soft call protection for one year, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal that launched with a call on Wednesday afternoon.

Proceeds will be used to refinance an existing term loan B.

Expected ratings are B2/B, the source added.

Commitments are due on March 22.

Fender is a Scottsdale, Ariz.-based maker of music instruments.

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