J. Crew launches term loan repricing at talk of Libor plus 300 bps

By Sara Rosenberg

New York, Jan. 24 - J. Crew Group Inc. held a call on Thursday afternoon to launch a repricing of its roughly $1.18 billion term loan, according to a market source.

Under the proposal, the company is looking to take pricing down to Libor plus 300 basis points with a 1% Libor floor from Libor plus 325 bps with a 1.25% Libor floor, the source said.

The repriced loan is being offered at par and has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Bank of America Merrill Lynch is the lead bank on the deal.

J. Crew is a New York-based retailer of women's, men's and children's apparel, shoes and accessories.

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