Tory Burch launches $600 million term B at Libor plus 325-350 bps

By Sara Rosenberg

New York, March 31 – Tory Burch launched on Wednesday its $600 million term loan B (Ba2/BB-) with price talk of Libor plus 325 basis points to 350 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

UBS Investment Bank, JPMorgan Chase Bank, BofA Securities Inc., Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc. and MUFG are the bookrunners on the deal.

Commitments are due on April 14.

Proceeds will be used to refinance existing debt and fund an equity tender offer.

Tory Burch is a retailer of clothing, shoes and accessories.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.