Toys ‘R’ Us sets Monday bank meeting for $1.38 billion credit facility via Goldman Sachs

By Paul A. Harris

Portland, Ore., Sept. 25 – Toys ‘R’ Us Inc. set a bank meeting on Monday for a $1,375,000,000 credit facility, according to bank loan trader.

Goldman Sachs & Co. is leading the deal.

The facility includes a $1,025,000,000 5.5-year term loan B-4 and a $350 million five-year first-in last-out loan.

Pricing and credit ratings remain to be determined.

Proceeds from the new term loan will be used to refinance $646 million of secured term loans due fiscal 2016, a significant portion of the $583 million of incremental secured term loans due 2018 and $350 million of 7 3/8% senior secured notes due 2016.

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

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