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Ollie’s Bargain Outlet Inc., the discount retailer owned by CCMP Capital LLC, lowered the rate it will pay on a $225 million term loan, according to a person with knowledge of the transaction.

The interest on the debt, maturing in 2019, will be reduced to 4 percentage points more than the London interbank offered rate and the loan will be sold at par, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1.25 percent floor.

Lenders are being offered soft-call protection of 101 cents through September 2013, meaning the company would have to pay 1 cent more than face value to refinance the debt before that date.

Ollie’s will be paying out the 101 call protection in connection with the refinancing, according to the person.

The company also is seeking a $50 million add-on term loan which will have the same terms as the existing term loan, the person said. Proceeds from the add-on piece will be used to redeem shares held by CCMP Capital.

Jefferies Group Inc. is arranging the transaction and investors have until Feb. 22 to let the bank know whether they will participate in the deal, the person said.

John Swygert, chief financial officer of Harrisburg, Pennsylvania-based Ollie’s, didn’t immediately respond to an e-mail seeking comment.

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