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Crocs launches $1.18 billion term loan B at SOFR plus 300-325 bps
By Sara Rosenberg
New York, July 31 – Crocs Inc. was scheduled to hold a lender call at 9:30 a.m. ET on Monday to launch a $1.18 billion senior secured covenant-lite term loan B due Feb. 19, 2029 (Ba2/BB-) that is talked at SOFR plus 300 basis points to 325 bps with a 0.5% floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Citigroup Global Markets Inc. is the left lead arranger and agent on the deal.
Proceeds will be used to reprice an existing term loan B due Feb. 19, 2029 down from SOFR plus 350 bps with a 0.5% floor.
Existing lender commitments are due at 5 p.m. ET on Wednesday and new money commitments are due at noon ET on Thursday, the source added.
Closing is expected during the week of Aug. 7.
Crocs is a Broomfield, Colo.-based casual footwear company.
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