First Eagle launches $1.49 billion term B at Libor plus 325-350 bps

By Sara Rosenberg

New York, March 29 – First Eagle Holdings Inc. held a lender call at 2 p.m. ET on Wednesday to launch a $1,485,000,000 senior secured covenant-light term loan B due Dec. 1, 2022 that is talked at Libor plus 325 basis points to 350 bps with a 0.75% Libor floor and a par issue price, according to a market source.

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

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 400 bps with a 0.75% Libor floor.

Commitments are due at noon ET on April 5, the source added.

First Eagle is a New York-based independent, privately held asset management firm.

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