Fender Musical launches $245 million term B at Libor plus 475-500 bps

By Sara Rosenberg

New York, Nov. 5 - Fender Musical Instruments Corp. launched with a call on Monday its $245 million six-year term loan B (B2) with talk of Libor plus 475 basis points to 500 bps with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for one year.

Commitments are due on Nov. 19, the source added.

Wells Fargo Securities LLC and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance an existing term loan.

Fender is a Scottsdale, Ariz., maker of music instruments.

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