Tory Burch Sweetens Terms on Loan to Buy Out General Atlantic

Luxury retailer Tory Burch LLC sweetened terms on a $700 million leveraged loan intended to help it repurchase private equity firm General Atlantic’s stake.

Final terms were set on the loan, which will pay 4 percentage points over a benchmark — at the wide end of discussions — and be offered at a steeper discount, at 98 cents on the dollar, according to a person with direct knowledge of the matter. The tenor was shortened to five years from seven, the person added, asking not to be identified because they weren’t authorized to speak publicly.