Mon 04/19/2021 16:51 PM
Blue Ribbon launched a $368 million refinancing today to take out an existing term loan of the same size, according to sources.
The seven-year deal is being arranged by JPMorgan and is talked at L+500 bps with a 0.75% LIBOR floor and an OID of 98.55 to 99 as well as 106 call protection, according to sources.
The deal was announced after the company was upgraded
last week by Standard & Poor’s to B- from CCC, reflecting expectations that the company will see EBITDA improvements and reduced leverage. Moody’s also upgraded Blue Ribbon’s debt to B2/B2-, citing better liquidity following the refinancing and $90 million debt repayment
The company’s existing $368 million term loan B was set to mature in November.
Commitments are due by April 29 at 5 p.m. ET.
Blue Ribbon and JPMorgan did not immediately respond to requests for comment.
--Ellen Schneider, Adelene Lee
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