ClubCorp Club Operations lifts add-on term loan B size to $350 million

By Sara Rosenberg

New York, April 8 - ClubCorp Club Operations Inc. increased its add-on covenant-light term loan B (B1/B+) due July 24, 2020 to $350 million from $300 million, according to a market source.

The loan is still priced at Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 99½ and has 101 soft call protection for six months.

The spread and floor on the add-on match the existing term loan.

Recommitments are due at noon ET on Wednesday and allocations are expected that afternoon, the source said.

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, and, due to the upsizing, for general corporate purposes, the source added.

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

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