Burlington Stores refinances $933M term loan; upsizes to $1.25B, extends maturity to 2031, reduces margin

Burlington Stores, Inc.

Refinanced $933M of term B-6 loans with $1,250M term B-7 loans, including $317M incremental term loans.
Maturity extended from June 24, 2028 to September 24, 2031, a ~3.3-year extension.
Interest rate margins reduced: prime from 1.00% to 0.75%, SOFR from 2.00% to 1.75% with 0.00% floor.
Original issue discount of 99.5; proceeds used to repay non-converted B-6 loans and for general corporate purposes.

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