RE/MAX trims spread on $230 million term loan B to Libor plus 300 bps

By Sara Rosenberg

New York, July 26 - RE/MAX LLC lowered pricing on its $230 million seven-year term loan B to Libor plus 300 basis points from talk of Libor plus 325 bps to 350 bps, according to a market source.

Also, a step was added to Libor plus 275 bps when senior secured leverage is less than 2.25 times, net of up to $15 million of cash.

As before, the term loan has a 1% Libor floor and an original issue discount of 993/4.

The loan includes 101 soft call protection for six months, the source added.

Commitments were due on Friday.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing bank debt.

RE/MAX is a Denver-based real estate company.

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