Sotheby’s ups spread on $458 million term loan to Libor plus 450 bps

By Sara Rosenberg

New York, Aug. 5 – Sotheby’s increased pricing on its $458 million covenant-lite term loan B due Jan. 15, 2027 to Libor plus 450 basis points from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

As before, the term loan has a 0.5% Libor floor, a par issue price and 101 soft call protection for six months.

BNP Paribas Securities Corp. is the lead on the deal.

Allocations are expected on Friday morning, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 475 bps with a 0.75% 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.