Florida East Coast gets $200 million term B at Libor plus 650 bps

By Sara Rosenberg

New York, Dec. 14 – Florida East Coast Industries LLC closed on Thursday on a $200 million three-year term loan B that is priced at Libor plus 650 basis points with a 0% Libor floor and an original issue discount of 98, according to a market source.

The term loan has hard call protection of 102 in year one and 101 in year two, amortization of 1% per annum and a maximum debt to capitalization financial covenant, the source said.

Morgan Stanley Senior Funding Inc. was the bookrunner on the deal.

Proceeds are being used to repay existing debt, to redeem preferred stock and for general corporate purposes.

Florida East Coast Industries is a Miami-based real estate and transportation infrastructure company.

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