Floor & Décor cuts spread on $350 million loan to Libor plus 425 bps

By Sara Rosenberg

New York, Sept. 29 – Floor & Décor Outlets of America Inc. lowered pricing on its $350 million seven-year first-lien term loan to Libor plus 425 basis points from revised talk of Libor plus 450 bps and initial talk of Libor plus 475 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Earlier this week, the term loan was upsized from $300 million and the discount was changed from 99.

Included in the term loan is MFN protection for life.

UBS Investment Bank, Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA and Wells Fargo Securities LLC are the bookrunners on the deal.

Proceeds will be used to refinance existing debt and pay a dividend.

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

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