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Four Seasons firms $841.5 million term loan B at SOFR plus 200 bps
By Sara Rosenberg
New York, Jan. 30 – Four Seasons Hotels Ltd. finalized pricing on its $841.5 million senior secured covenant-lite first-lien term loan B due November 2029 (Ba3/BBB-) at SOFR plus 200 basis points, the high end of the SOFR plus 175 bps to 200 bps talk, according to a market source.
The term loan still has a 0.5% floor, a par issue price, 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum.
Morgan Stanley Senior Funding Inc. is the bookrunner on the deal. Citigroup Global Markets Inc. is the administrative agent.
Commitments continued to be due at noon ET on Tuesday, the source added.
Proceeds will be used to reprice an existing term loan B due November 2029 down from SOFR+10 bps CSA plus 250 bps with a 0.5% floor.
Four Seasons is a Toronto-based luxury hotels company.
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