First Eagle launches $1.78 billion term loan at SOFR plus 275 bps

By Sara Rosenberg

New York, Feb. 8 – First Eagle Investment Management LLC was scheduled to hold a lender call at 11 a.m. ET on Thursday to launch a $1.775 billion five-year covenant-lite first-lien term loan B that is talked at SOFR plus 275 basis points with a 0% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance an existing term loan B due February 2027.

Cashless roll is available for existing lenders.

First Eagle is a New York-based investment management firm.

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