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Four Seasons launches $891 million term loan at Libor plus 200-225 bps
By Sara Rosenberg
New York, March 8 – Four Seasons Hotels and Resorts launched on its call on Thursday an $891 million senior secured covenant-light first-lien term loan due Nov. 30, 2023 with price talk of Libor plus 200 basis points to 225 bps with a 0% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Citigroup Global Markets Inc. is the lead arranger on the deal.
Proceeds will be used to reprice an existing term loan B down from Libor plus 250 bps with a 0.75% Libor floor.
Commitments are due from existing lenders at 5 p.m. ET on Wednesday and from new lenders at 5 p.m. ET on March 15, the source added.
Closing is expected on March 21.
Four Seasons is a Toronto-based luxury hotels company.
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