Apple Leisure reveals first- and second-lien term loan price talk

By Sara Rosenberg

New York, Sept. 17 – Apple Leisure Group released price talk on its $330 million seven-year first-lien covenant-light term loan (B+) and $130 million eight-year second-lien covenant-light term loan (CCC+) during its bank meeting on Thursday, according to a market source.

The first-lien term loan is talked at Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 875 bps to 900 bps with a 1% Libor floor and a discount of 98.5, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $510 million credit facility also provides for a $50 million revolver (B+).

Jefferies Finance LLC, Credit Suisse Securities (USA) LLC and Nomura are the leads on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Apple Leisure is a Newton Square, Pa.-based travel and resort company.

© 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.