ClubCorp firms spread on $305 million term B at Libor plus 375 bps

By Sara Rosenberg

New York, Nov. 14 - ClubCorp finalized pricing on its roughly $305 million term loan B at Libor plus 375 basis points, the tight end of the Libor plus 375 bps to 400 bps talk, according to a market source.

The 1.25% Libor floor, par offer price and 101 soft call protection for one year were left unchanged.

Proceeds are being used to reprice an existing term loan B from Libor plus 450 bps with a 1.5% Libor floor.

Existing lenders are getting paid down at par with the repricing.

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

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

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