Talbots launches $420 million term loan B at Libor plus 625-650 bps

By Sara Rosenberg

New York, Oct. 30 – Talbots Inc. launched on Tuesday its $420 million five-year covenant-light term loan B (B2/B-) with price talk of Libor plus 625 basis points to 650 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan is non-callable for one year, then at 102 in year two and par onwards, the source said.

Bank of America Merrill Lynch and KKR Capital Markets are the lead arrangers on the deal.

Commitments are due at noon ET on Nov. 8, the source added.

Proceeds will be used to refinance existing first- and second-lien term loans.

Talbots is a Hingham, Mass.-based multi-channel retailer of women’s apparel.

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