04:30 PM EDT, 03/21/2024 (MT Newswires) -- Topgolf Callaway Brands ( MODG ) said late Thursday it repriced a $1.24 billion term loan due 2030.

The company said it decreased the first-lien loan's interest rate by 50 basis points to SOFR +300 and removed the 10 basis point credit spread adjustment for a total reduction of 60 basis points.

Savings on interest expenses are expected to top $7 million on an annualized basis, the company said.