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Four Seasons Hotels firms $891 million loan at Libor plus 200 bps
By Sara Rosenberg
New York, March 15 – Four Seasons Hotels and Resorts finalized pricing on its $891 million senior secured covenant-light first-lien term loan due Nov. 30, 2023 at Libor plus 200 basis points, the tight end of the Libor plus 200 bps to 225 bps talk, according to a market source.
The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.
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.
New money commitments were scheduled to be due at noon ET on Thursday, accelerated from 5 p.m. ET on Thursday, the source added.
Closing is expected on March 29.
Four Seasons is a Toronto-based luxury hotels company.
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