Farfetch firms $400 million term loan B at SOFR plus 625 bps

By Sara Rosenberg

New York, Sept. 28 – Farfetch US Holdings Inc. set pricing on its $400 million five-year covenant-lite first-lien term loan B (B1/B-/BB-) at SOFR plus 625 basis points, the high end of the SOFR plus 600 bps to 625 bps talk, according to a market source.

Also, the original issue discount on the term loan was changed to 93.5 from 95, and various changes were made to documentation, the source said.

The term loan still has a 0.5% floor and is non-callable for one year, then at 103 in year two and par thereafter.

JPMorgan Chase Bank is the lead on the deal and the administrative agent.

Recommitments were scheduled to be due at 11:15 a.m. ET on Wednesday, the source added.

Proceeds will be used for general corporate purposes, working capital and funding of transaction fees and expenses.

Farfetch is a London-based online platform for the luxury fashion industry, connecting creators, curators and consumers.

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