WHP Global launches $450 million term loan B at SOFR plus 550 bps

By Sara Rosenberg

New York, Jan. 25 – WHP Global (WH Borrower LLC) launched on Tuesday its $450 million five-year senior secured covenant-lite term loan B (B2/B-) with price talk of SOFR plus 550 basis points with a 0.5% floor and an original issue discount of 98 to 99, according to a market source.

The term loan has 101 soft call protection for one year and amortization of 1% per annum, the source said.

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

Commitments are due at 5 p.m. ET on Feb. 8, the source added.

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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