Burlington Coat launches $1 billion term loan at Libor plus 525 bps

By Sara Rosenberg

New York, Nov. 5 - Burlington Coat Factory Warehouse Corp. launched its $1 billion term loan (B3) on Friday with price talk of Libor plus 525 basis points with a 1.75% Libor floor and an original issue discount of 981/2, according to a market source.

JPMorgan and Goldman Sachs are the joint bookrunners on the deal.

Proceeds will be used to help repay an existing term loan, redeem the company's outstanding 11 1/8% senior notes due 2014 and Burlington Coat Factory Investments Holdings Inc.'s outstanding 14½% senior discount notes due 2014, make a distribution to the equity holders and for general corporate purposes.

Other funding will come from $500 million of notes.

Burlington Coat Factory is a Burlington, N.J.-based discount retailer.

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