Four Seasons launches $841.5 million term B at SOFR plus 175-200 bps

By Sara Rosenberg

New York, Jan. 24 – Four Seasons Hotels Ltd. held a lender call at 11 a.m. ET on Wednesday to launch an $841.5 million senior secured covenant-lite first-lien term loan B due November 2029 (Ba3/BBB-) that is talked at SOFR plus 175 basis points to 200 bps with a 0.5% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal. Citigroup Global Markets Inc. is the administrative agent.

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

Proceeds will be used to reprice an existing term loan B due November 2029 down from SOFR+10 bps CSA plus 250 bps with a 0.5% floor.

Four Seasons is a Toronto-based luxury hotels company.

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