Four Seasons Hotels trims pricing on first- and second-lien term loans

By Sara Rosenberg

New York, June 20 - Four Seasons Hotels and Resorts lowered pricing on its $750 million seven-year first-lien term loan (B1/BB-) to Libor plus 325 basis points from talk of Libor plus 350 bps to 375 bps and on its $250 million 71/2-year second-lien term loan (Caa1/B-) to Libor plus 525 bps from talk of Libor plus 600 bps to 625 bps, according to a market source.

Also, the original issue discount on the first-lien term loan was moved to 99¾ from 99 and the discount on the second-lien loan was moved to 99 from 98, the source said.

As before, both term loans have a 1% Libor floor, the first-lien term loan has 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company's $1.1 billion credit facility also includes a $100 million revolver (B1/BB-).

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

Proceeds will be used to refinance existing debt.

Commitments were due at 5 p.m. ET on Thursday.

Four Seasons is a Toronto-based luxury hotels company.

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