Fender prices $200 million term loan, lowers spread by 50 bps to Libor plus 450

By Paul A. Harris

Portland, Ore., March 28 - Fender Musical Instruments Corp. set final terms for its $200 million six-year term loan B (B2/B) at Libor plus 450 basis points, 50 bps tighter than the 500 bps spread talk, according to a market source.

The deal came at a reoffer price of 99, on top of discount talk.

The loan features a 1.25% Libor floor and has 101 soft call protection for one year.

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.

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

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