Les Schwab cuts spread on $1.92 billion term B to SOFR plus 300 bps

By Sara Rosenberg

New York, April 16 – Les Schwab Tire Centers reduced pricing on its $1.918 billion term loan B (B2/B) to SOFR plus 300 basis points from SOFR plus 325 bps, according to a market source.

In addition, the original issue discount talk on the term loan was changed to a range of 99.75 to par from 99.5, and then the issue price finalized at par following the 11 a.m. ET on Tuesday recommitment deadline, the source said.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to refinance an existing term loan B and for general corporate purposes.

Les Schwab is a Bend, Ore.-based tire retail chain.

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