Spencer Spirit wraps $225 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, June 17 – Spencer Spirit Holdings Inc. wrapped its downsized $225 million term loan (B1/B) at pricing of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

During syndication, the loan was downsized from $360 million and pricing was increased from Libor plus 400 bps.

As originally planned, the term loan has 101 soft call protection for one year.

Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to refinance notes.

The company tendered for its $175 million 11% senior secured notes due 2017 and ended up canceling its tender offer for its $165 million of 9%/9¾% senior pay-in-kind toggle notes due 2018.

Spencer Spirit is an Egg Harbor Township, N.J.-based specialty retailer.

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