Playa Hotels launches $1.09 billion term B at SOFR plus 325-350 bps

By Sara Rosenberg

New York, Dec. 11 – Playa Hotels & Resorts was scheduled to hold a lender call at 1 p.m. ET on Monday to launch a $1.092 billion covenant-lite term loan B due January 2029 that is talked at SOFR plus 325 basis points to 350 bps with a 0.5% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B1/B+.

Deutsche Bank Securities Inc. is the left bookrunner on the deal and the administrative agent.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan B due January 2029 down from SOFR plus 425 bps with a 0.5% floor.

Playa Hotels is an owner, operator and developer of all-inclusive resorts located in Mexico, Dominican Republic and Jamaica.

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