Toys 'R' Us sets spread on $985 million loan at Libor plus 500 bps

By Sara Rosenberg

New York, Aug. 1 - Toys 'R' Us Property Co. I LLC firmed pricing on its $985 million six-year covenant-light unsecured term loan (B3/B+/BB-) at Libor plus 500 basis points, the tight end of the Libor plus 500 bps to 525 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, an original issue discount of 99 and call protection of 102 in year one and 101 in year two.

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.