Focus Brands to launch $351 million term loan repricing on Friday

By Sara Rosenberg

New York, April 18 - Focus Brands Inc. is scheduled to hold a call at 1 p.m. ET on Friday to launch a repricing of $351 million first-lien term loan due February 2018, according to sources.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The repriced loan is being talked at Libor plus 325 basis points with a 1% Libor floor and a par offer price, sources said.

Also included in the repriced loan is 101 soft call protection for six months, and total leverage and interest coverage covenants.

By comparison, current pricing on the loan is Libor plus 500 bps with a 1.25% Libor floor.

Commitments are due on April 25, sources added.

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

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