Toys 'R' Us launches $985 million term loan at Libor plus 500-525 bps

By Sara Rosenberg

New York, July 23 - Toys 'R' Us Property Co. I LLC launched on Tuesday its $985 million six-year covenant-light unsecured term loan (B3/B+/BB-) with price talk of Libor plus 500 basis points to 525 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has soft call protection of 102 in year one and 101 in year two, the source said.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance the company's 10¾% notes.

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

© 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.