Toys 'R' Us launches $300 million term loan B-3 at OID of 98 to 98½

By Sara Rosenberg

New York, March 23 - Toys 'R' Us Inc. launched its $300 million covenant-light incremental term loan B-3 (B1/NA/B-) due May 25, 2018 on Friday with original issue discount talk of 98 to 981/2, according to a market source.

Price talk on the loan is Libor plus 375 basis points with a 1.5% Libor floor.

Included in the loan is 101 soft call protection for one year.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Goldman Sachs & Co., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used for general corporate purposes, including the repayment, repurchase or redemption of debt.

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

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