Deluxe Entertainment accelerates deadline on $670 million revolver, term loan to Friday

By Paul A. Harris

Portland, Ore., Feb. 20 - Deluxe Entertainment Services Group Inc. accelerated the timing on its $670 million credit facility, according to a market source.

The books will close on Friday, instead of Tuesday, as previously expected.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

As reported, the facility consists of a $100 million five-year ABL revolver and a $570 million six-year first-lien term loan, the source said.

Price talk on the term loan is Libor plus 650 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

The term loan has 101 soft call protection for one year, amortization of 2.5% per annum and a maximum total leverage covenant.

Proceeds will be used to refinance existing debt.

Deluxe is a Shoreview, Minn.-based provider of digital asset creation, management and distribution services.

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