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The loan's pricing is being discussed at a level as much as 4.25 percentage points over the benchmark and at a discounted price of 99 cents on the dollar, according to a person familiar with the matter who asked not to be identified discussing confidential information. Lender commitments are due Aug. 11.
Proceeds, along with $3 billion of secured and unsecured debt, will be used to refinance a term loan due in 2028 and separate bonds that mature in 2028 and 2029, the person said. Those notes and loan have a combined balance outstanding of $5.65 billion, according to data compiled by Bloomberg.
The offering is among 12 leveraged-loan transactions to have launched Monday, after more than $135 billion of deals rushed into the market the prior two weeks. Today's other offerings include a $1.4 billion loan to help fund the purchase of 15 all-inclusive resorts from Hyatt Hotels Corp.
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