Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Sotheby’s > News item |
Sotheby’s launches $461 million term loan B at Libor plus 475-500 bps
By Sara Rosenberg
New York, Jan. 25 – Sotheby’s held a lender call at 3 p.m. ET on Monday to launch a $461 million term loan B with price talk of Libor plus 475 basis points to 500 bps with a 0.75% Libor 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.
BNP Paribas Securities Corp. is the left lead on the deal and the administrative agent.
Commitments are due at 5 p.m. ET on Wednesday, the source added.
Proceeds will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.
Sotheby’s is a New York-based auction house.
© 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.