ClubCorp talks $651 million term loan repricing at Libor plus 275 bps

By Sara Rosenberg

New York, May 8 – ClubCorp Club Operations Inc. launched on Monday a repricing of its $651 million senior secured covenant-light term loan (Ba3/BB-) due Dec. 15, 2022 that is talked at Libor plus 275 basis points with a 1% Libor floor and a par issue price, according to a market source.

The repriced loan includes 101 soft call protection for six months, the source said.

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

The repricing will take the term loan down from Libor plus 300 bps with a 1% Libor floor.

Existing lender commitments are due at 5 p.m. ET on May 15 and new lender commitments are due at 5 p.m. ET on May 16, the source added.

Closing is expected on May 23.

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

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