Consumer
J. Crew Offers More than 11% Yield to Entice Loan Investors
- Retailer returns to market looking to refinance debt
- Documents prohibit the company from transferring assets
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Retailer J. Crew is looking to woo investors with a hefty yield of more than 11% along with key investor protections on a $450 million term loan, as it aims to refinance debt, according to a person familiar with the matter.
Pricing discussions call for a margin of 6.25 percentage points over the Secured Overnight Financing Rate at a discounted price of 98 cents, the person said, asking not to be identified because the information is private. That would mark the fifth widest margin this year, according to data compiled by Bloomberg.