Floor & Decor flexes $150 million term loan B to Libor plus 275 bps

By Sara Rosenberg

New York, Nov. 20 – Floor & Decor increased pricing on its $150 million term loan B due September 2023 to Libor plus 275 basis points from Libor plus 250 bps, according to a market source.

Also, the company added a step-down to Libor plus 250 bps when a B1 corporate rating is achieved from Moody’s, the source said.

The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

UBS Investment Bank is the lead bank on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Floor & Decor is an Atlanta-based specialty retailer in the hard surface flooring market.

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