Toys 'R' Us upsizes six-year secured term loan to $650 million

By Sara Rosenberg

New York, Aug. 16 - Toys 'R' Us Inc. increased the size of its six-year secured term loan (B1/BB-/B-) to $650 million from $500 million as its senior secured notes offering emerged at $350 million, according to a market source.

The term loan is being talked at Libor plus 450 basis points with a 1.5% Libor floor and an original issue discount of 981/2.

There is 101 soft call protection for one year.

Bank of America, Goldman Sachs and JPMorgan are the lead banks on the deal.

Proceeds will be used to repay in full all obligations outstanding under the company's existing $800 million secured term loan and $181 million senior unsecured facility.

Toys 'R' Us is a Wayne, N.J.-based toy retailer.

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