WHP Global finalizes $450 million term loan B OID at 98

By Sara Rosenberg

New York, Feb. 9 – WHP Global (WH Borrower LLC) firmed the original issue discount on its $450 million five-year senior secured covenant-lite term loan B (B2/B-) at 98, the wide end of the 98 to 99 talk, according to a market source.

Also, the call protection on the term loan was changed to a 101 hard call for one year from a 101 soft call for one year and some revisions were made to documentation, the source said.

Pricing on the term loan remained at SOFR plus 550 basis points with a 0.5% floor.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

Proceeds will be used to refinance existing debt, add cash to the balance sheet, fund a distribution to shareholders and pay related fees and expenses.

WHP is a New York-based brand acquisition and development platform that monetizes brands via an asset-lite licensing business model.

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