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Sleepy's readies launch of $167 million term loan for Thursday
By Sara Rosenberg
New York, Jan. 15 - Sleepy's Intermediate LLC is scheduled to hold a conference call at 11:30 a.m. ET on Thursday to launch a $167,025,000 first-lien term loan due March 30, 2019, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
The term loan is talked at Libor plus 400 basis points with a 1% Libor floor and a par offer price, the source said.
The loan has 101 soft call protection for six months.
Proceeds will be used to reprice an existing term loan from Libor plus 450 bps with a 1.25% Libor floor.
Commitments are due on Jan. 24, the source added.
Sleepy's is a Hicksville, N.Y.-based specialty mattress retailer.
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