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Apple Leisure sets $950 million term loan at Libor plus 400 bps
By Sara Rosenberg
New York, May 25 – Apple Leisure Group firmed pricing on its $950 million covenant-light first-lien term loan (B3/B) due March 2024 at Libor plus 400 basis points, the high end of the Libor plus 375 bps to 400 bps talk, according to a market source.
Furthermore, the original issue discount on the term loan was changed to 99 from 99.5, the source said.
As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC, KKR Capital Markets, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Bank of America Merrill Lynch are the lead arrangers on the deal.
Proceeds will be used to refinance existing debt and fund an acquisition.
Apple Leisure is a Philadelphia-based hospitality company.
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