Forest City firms $1.24 billion term loan B at discount of 99.5

By Sara Rosenberg

New York, Nov. 18 – Forest City Enterprises LP set the original issue discount on its $1,241,000,000 covenant-lite term loan B due December 2025 at 99.5, the wide end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the term loan is Libor plus 350 basis points with a 0% Libor floor, and the debt has 101 soft call protection for six months.

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

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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