First Eagle upsizes term loan B, sets spread at Libor plus 350 bps

By Sara Rosenberg

New York, April 6 – First Eagle Holdings Inc. lifted its senior secured covenant-light term loan B due Dec. 1, 2022 to $1,527,000,000 from $1,482,000,000 and firmed pricing at Libor plus 350 basis points, the high end of the Libor plus 325 bps to 350 bps talk, according to a market source.

As before, the term loan has a 0.75% Libor floor, a par issue price, 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc., Citigroup Global Markets Inc. and Bank of America Merrill Lynch are the joint lead arrangers and joint bookrunners on the deal.

Recommitments were scheduled to be due at 3 p.m. ET on Thursday, the source said.

Proceeds will be used to reprice an existing term loan B down from Libor plus 400 bps with a 0.75% Libor floor, and, due to the upsizing, for general corporate purposes, the source added.

Closing is expected on Wednesday.

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

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