Forest City launches $1.24 billion term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, Nov. 6 – Forest City Enterprises LP held a lender call on Wednesday to launch a $1,241,000,000 covenant-lite term loan B due December 2025 that is talked at Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is the lead bank on the deal.

Commitments are due at noon ET on Nov. 14, the source added.

Proceeds will be used to reprice an existing term loan B down from Libor plus 400 bps.

Forest City is a Cleveland-based real estate company.

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