Four Seasons flexes $900 million term loan to Libor plus 300 bps

By Sara Rosenberg

New York, Nov. 18 – Four Seasons Hotels and Resorts trimmed pricing on its $900 million seven-year senior secured covenant-light first-lien term loan (B1/BB) to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Citigroup Global Markets Inc. is the lead arranger on the deal.

Commitments were scheduled to be due at noon ET on Friday, the source added.

Proceeds will be used to refinance existing debt.

Closing is expected during the week of Nov. 28.

Four Seasons is a Toronto-based luxury hotels company.

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