(Bloomberg) -- Goldman Sachs Group Inc. has kicked off the sale of a $1.7 billion leveraged loan Thursday to support Formula 1’s efforts to reprice an existing loan.

A lender call for the loan, which matures in seven years, is scheduled for 11 a.m. New York time, according to a person familiar with the matter. Commitments are due Sept. 27 at 10 a.m. New York time.

Initial price talk is in the area of 225 to 250 basis points over the Secured Overnight Financing Rate, said the person, asking not to be identified as the details are private. It’s also being offered at par, the person added. 

Opportunistic deals such as repricings and refinancings have come into focus lately as leveraged loan borrowers and their bankers look to capitalize on the recent wave of optimism sweeping credit markets. The stockpile of investor cash built up during the slowdown in M&A financings over the last 18 months has also contributed to investors’ appetite for deals.

Read More: Junk Issuers Seize on Market Mood to Raise Cash While They Can

Last week, the US leveraged loan market saw the biggest transaction since early 2022, as Restaurant Brands International Inc. sold a $5.175 billion loan to refinance debt maturing in 2026. The issuer, which owns fast-food chains including Burger King and Popeyes, was able to upsize the deal twice and also tighten pricing. 

Formula 1 holds exclusive commercial rights to the Fédération Internationale de l’Automobile Formula One World Championship, whose drivers, managers and team owners are featured in the popular Netflix docuseries Formula 1: Drive to Survive.

Representatives for Goldman Sachs declined to comment while those for Formula 1 didn’t immediately reply to a request for comment.

(Updates headline, and pricing information in third paragraph.)

©2023 Bloomberg L.P.