Renfro cuts spread on $220 million term loan B to Libor plus 450 bps

By Sara Rosenberg

New York, Jan. 17 - Renfro Corp. reduced pricing on its $220 million term loan B (B2/B) to Libor plus 450 basis points from Libor plus 500 bps, according to a market source.

Also, the original issue discount on the loan was tightened to 99½ from 99, the source said.

The 1.25% Libor floor and 101 soft call protection for one year were left unchanged.

Commitments are due at 5 p.m. ET on Friday, accelerated from Jan. 24, the source added.

RBC Capital Markets is the lead bank on the deal.

Proceeds will be used to refinance an existing term loan and fund a distribution to shareholders.

With this transaction, the company's existing revolver will remain in place.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.