Renfro firms pricing on term loan at Libor plus 425 bps, trims floor

By Sara Rosenberg

New York, May 5 - Renfro Corp. set pricing on its term loan at Libor plus 425 basis points and cut the Libor floor to 1.25% from 1.5%, according to a market source.

Early guidance on the loan had been for Libor plus 425 bps to 450 bps.

The original issue discount was left unchanged at 99 7/8.

There is 101 soft call protection for one year.

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

Proceeds will be used to reprice an existing term loan that was done at Libor plus 500 bps with a 1.75% Libor floor.

Renfro is a Mount Airy, N.C.-based manufacturer of socks.

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