Renfro readies launch of $160 million term loan for Tuesday

By Sara Rosenberg

New York, Sept. 25 – Renfro Corp. is set to hold a lender call at 3 p.m. ET on Tuesday to launch a $160 million term loan B (B3/B) due March 2021, according to a market source.

RBC Capital Markets is the left lead arranger on the deal.

Price talk on the term loan is Libor plus 525 basis points to 550 bps with a 1.25% Libor floor and an original issue discount of 99.5 for new lenders and a 50 bps consent fee for existing lenders, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to amend and extend an existing term loan B due March 2019 that is priced at Libor plus 450 bps with a 1.25% Libor floor.

Commitments are due at 5 p.m. ET on Oct. 5, the source added.

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

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