Abercrombie & Fitch talks $325 million term B at Libor plus 350 bps

By Sara Rosenberg

New York, July 18 – Abercrombie & Fitch Co. is talking its $325 million seven-year term loan B (B1) at Libor plus 350 basis points with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

The company’s $725 million credit facility, which launched with a bank meeting on Thursday, also provides for a $400 million five-year asset-based revolver.

Commitments are due on July 31, the source added.

Wells Fargo Securities LLC, PNC Capital Markets LLC, J.P. Morgan Securities LLC and Goldman Sachs Lending Partners are the joint lead arrangers and bookrunners on the term loan B, and Wells Fargo, PNC and JPMorgan are the joint lead arrangers and bookrunners on the revolver.

Proceeds will be used to refinance an existing credit facility that includes a $350 million unsecured revolver due July 27, 2016 and a $131.5 million term loan A due Feb. 23, 2017 and for general corporate purposes, including potential share repurchases.

Abercrombie & Fitch is a New Albany, Ohio-based retailer of casual apparel for men, women and kids.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.