Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Victoria’s Secret > News item |
Victoria’s Secret trims term loan B to $400 million, sets spread
By Sara Rosenberg
New York, June 30 – Victoria’s Secret downsized its term loan B to $400 million from $500 million and firmed pricing at Libor plus 325 basis points, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source.
As before, the term loan has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
JPMorgan Chase Bank is the lead on the deal.
The company also plans on getting a $750 million asset-based revolving facility.
Proceeds will be used with $600 million of senior notes, upsized from $500 million, to fund the company’s spinoff from L Brands Inc.
Closing is expected in August, subject to customary conditions.
Victoria’s Secret is a Reynoldsburg, Ohio-based retailer of intimates and beauty products.
© 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.