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Focus Brands cuts spread on $251 million term to Libor plus 400 bps
By Sara Rosenberg
New York, Feb. 23 - Focus Brands Inc. lowered pricing on its $251.3 million term loan to Libor plus 400 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.
In addition, the Libor floor was reduced to 1.25% from 1.5%, the source said.
The par offer price and 101 soft call protection for one year only against repricings were left unchanged.
Recommitments were due from lenders at 5 p.m. ET on Wednesday.
Credit Suisse is the lead bank on the deal.
Proceeds will be used reprice an existing term loan obtained late last year that is priced at 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.
All other terms on the repriced loan are the same as the existing loan.
Focus Brands is an Atlanta-based franchisor and operator of ice cream stores, bakeries, restaurants and cafes.
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