Playa Resorts to launch $375 million term loan repricing on Tuesday

By Sara Rosenberg

New York, Feb. 14 - Playa Resorts Holding BV is scheduled to hold a conference call at 1:30 p.m. ET on Tuesday to launch a repricing of its $375 million term loan due August 2019, according to a market source.

Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are the bookrunners on the deal.

The repricing is talked at Libor plus 300 basis points to 325 bps with a 1% Libor floor, versus current pricing of Libor plus 375 bps with a 1% Libor floor, the source said.

The repriced loan will have 101 soft call protection for six months and secured leverage and interest coverage ratios.

Existing lenders will get paid out a 101 with the repricing due to current call protection, the source added.

Commitments are due on Feb. 21.

Playa is an owner, operator and developer of all-inclusive resorts in the Dominican Republic, Mexico and Jamaica.

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