Renfro sets talk on $160 million term loan to Libor plus 550 bps

By Paul A. Harris

Portland, Ore., Oct. 5 – Renfro Corp. set the spread on its $160 million term loan B (B3/B) due March 2021 at Libor plus 550 basis points, according to a market source.

Commitments were due on Thursday.

The spread comes at the wide end of the 525 bps to 550 bps spread talk.

There is an original issue discount of 99.5 for new lenders and a 50 bps consent fee for existing lenders.

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

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

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.

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

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