Four Seasons tightens $845.8 million term loan issue price to par

By Sara Rosenberg

New York, Aug. 8 – Four Seasons Hotels Ltd. revised the issue price on its $845.75 million senior secured covenant-lite first-lien term loan B (Ba3/BBB-) due Nov. 30, 2029 to par from 99.75, according to a market source.

Pricing on the term loan remained at SOFR+10 basis points CSA plus 250 bps with a 0.5% floor.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the sole bookrunner on the deal. Citigroup Global Markets Inc. is the administrative agent.

Commitments/consents are due at 3 p.m. ET on Wednesday, accelerated from 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an $845.75 million senior secured covenant-lite first-lien term loan B due Nov. 30, 2029 down from SOFR+10 bps CSA plus 325 bps with a 0.5% floor.

Four Seasons is a Toronto-based luxury hotels company.

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