Four Seasons launches $750 million term loan at Libor plus 275 bps

By Sara Rosenberg

New York, Dec. 9 - Four Seasons Hotels and Resorts launched with its call on Monday a $750 million senior secured first-lien covenant-light term loan due June 27, 2020 that is talked at Libor plus 275 basis points with a 0.75% Libor floor and a par offer price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor, the source added.

Existing lender commitments are due at 5 p.m. ET on Thursday and new lender commitments are due at 5 p.m. ET on Friday.

Closing is targeted for Dec. 30.

Four Seasons is a Toronto-based luxury hotels company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.