ClubCorp to launch $300 million incremental term loan B on Wednesday

By Sara Rosenberg

New York, April 1 - ClubCorp Club Operations Inc. is scheduled to hold a conference call at 2 p.m. ET on Wednesday to launch a $300 million incremental term loan B, according to a market source.

Citigroup Global Markets Inc. is the lead bank on the deal.

Proceeds will be used to redeem about $270 million of the company's 10% senior notes due in 2018.

The company is also seeking to amend its existing credit facility to ease the senior secured leverage ratio as it relates to payments of excess cash flow, further incremental term or revolving borrowings, and the financial covenant relating to the revolving credit commitments, said an 8-K filed with the Securities and Exchange Commission.

ClubCorp is a Dallas-based owner and operator of golf courses, country clubs, private business and sports clubs, and resorts.

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