Motel 6 launches $300 million term loan B at Libor plus 525-550 bps

By Sara Rosenberg

New York, Aug. 9 – Motel 6 held a lender call at 2 p.m. ET on Monday to launch a $300 million five-year term loan B that is talked at Libor plus 525 basis points to 550 bps with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan has hard call protection of 102 in year one and 101 in year two and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA is the lead arranger on the deal. Blackstone Securities is the co-manager.

Commitments are due on Aug. 18, the source added.

Proceeds will be used to refinance existing debt.

Motel 6 is a Carrollton, Tex.-based economy lodging company.

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