ClubCorp launches $901.1 million term loan repricing to investors

By Sara Rosenberg

New York, May 14 – ClubCorp Club Operations Inc. launched on its call on Thursday a repricing of its $901.1 million covenant-light senior secured term loan due July 24, 2020, according to a market source.

Talk on the repriced loan is Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par issue price, and the debt will get 101 soft call protection for six months, the source said.

This transaction will take pricing on the term loan down from Libor plus 350 bps with a 1% Libor floor.

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

Cashless roll commitments are due on May 20, and new money commitments are due on May 21, the source added.

Closing is expected late in the week of May 25.

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

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