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Savers launches $325 million term loan with Libor plus 375 bps talk
By Sara Rosenberg
New York, Feb. 19 - Savers Inc. launched its $325 million term loan on Friday with price talk of Libor plus 375 basis points with a 2% Libor floor, according to a market source.
The original issue discount on the term loan is being talked at 99, the source remarked.
JPMorgan is the lead bank on the $365 million senior secured credit facility (Ba3/B+), which also includes a $40 million revolver.
Proceeds will be used to refinance existing bank debt and mezzanine debt.
Savers is a Bellevue, Wash.-based thrift store chain.
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