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Pier 1 Imports flexes $200 million term loan B to Libor plus 350 bps
By Sara Rosenberg
New York, April 24 - Pier 1 Imports Inc. lifted pricing on its $200 million senior secured term loan B (B1/B+) due in 2021 to Libor plus 350 basis points from Libor plus 300 bps, according to a market source.
Also, the original issue discount was changed to 99 from 991/2, the 101 soft call protection was extended to one year from six months and the 18-month MFN sunset provision was removed, the source said.
The term loan still has a 1% Libor floor.
Bank of America Merrill Lynch and Wells Fargo Securities LLC are the joint lead arrangers on the deal.
Proceeds will be used for general corporate purposes, including for working capital needs and capital expenditures, and share repurchases and dividends permitted under the debt agreement.
Closing is expected this month.
Pier 1 is a Fort Worth, Texas-based importer and retailer of home decor and furniture.
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