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Four Seasons launches term loan repricing at Libor plus 250 bps
By Sara Rosenberg
New York, May 8 – Four Seasons Hotels and Resorts launched on Monday a repricing of its existing $897,750,000 senior secured covenant-light first-lien term loan due Nov. 30, 2023 with price talk of Libor plus 250 basis points with a 0.75% Libor floor and a par issue price, according to a market source.
The repriced loan includes 101 soft call protection for six months, the source said.
Citigroup Global Markets Inc. is the lead bank on the deal.
The repricing will take the term loan down from Libor plus 300 bps with a 0.75% Libor floor.
Existing lender commitments are due at 5 p.m. ET on May 15 and new lender commitments are due at 5 p.m. ET on May 16, the source added.
Closing is expected on May 31.
Four Seasons is a Toronto-based luxury hotels company.
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