First Eagle launches $1.61 billion loan at Libor plus 250-275 bps

By Sara Rosenberg

New York, Oct. 18 – First Eagle Holdings Inc. launched on Thursday its $1.61 billion covenant-light term loan B due December 2024 with price talk of Libor plus 250 basis points to 275 bps with no Libor floor and an original issue discount of 99.875, 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.

The company’s $1.81 billion of senior secured credit facilities also include a $200 million revolving credit facility due December 2022.

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

Commitments are due at noon ET on Oct. 26, the source added.

Proceeds will be used to refinance existing debt and for general corporate purposes.

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

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