Focus Brands to launch $251.3 million term loan repricing on Tuesday

By Sara Rosenberg

New York, Feb. 14 - Focus Brands Inc. is scheduled to hold a lender call on Tuesday to launch a repricing of its $251.3 million term loan, according to a market source.

Credit Suisse is the lead bank on the deal.

Indicative price talk is Libor plus 425 basis points to 450 bps with a 1.5% Libor floor and a par offer price, the source said.

There is 101 soft call protection for one year, the source continued.

All other terms on the repriced loan are the same as the existing loan.

Commitments are due on Feb. 22.

Late last year, the company obtained its $275 million term loan, which has since been paid down to $251.3 million, at pricing of Libor plus 550 bps with a step-down to Libor plus 525 bps based on 3.5 times total leverage and a 1.75% Libor floor. The tranche was sold at an original issue discount of 99 and was used to help fund the acquisition of Auntie Anne's and refinance existing debt.

Focus Brands is an Atlanta-based franchisor and operator of ice cream stores, bakeries, restaurants and cafes.

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