First Eagle firms $1.61 billion term loan at Libor plus 275 bps

By Sara Rosenberg

New York, Oct. 26 – First Eagle Holdings Inc. set pricing on its $1.61 billion covenant-light term loan B due December 2024 at Libor plus 275 basis points, the high end of the Libor plus 250 bps to 275 bps talk, and added a 25 bps step-down at 2 times total net leverage, according to a market source.

The term loan still has no Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months.

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

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

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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