Brook + Whittle talks $478 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Nov. 30 – Brook + Whittle (Merion Rose Merger Sub Inc.) launched on Tuesday its $478 million seven-year first-lien term loan (B2/B-), of which $100 million is a delayed-draw tranche, with price talk of Libor plus 450 basis points with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Ticking fees on the delayed-draw first-lien term loan are half the margin from days 61 to 120 and the full margin thereafter.

Commitments are due at 5 p.m. ET on Dec. 14.

The company’s $697 million of credit facilities also include a $50 million revolver (B2/B-) and a $169 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Jefferies LLC and BMO Capital Markets are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Genstar Capital from TruArc Partners.

Brook + Whittle is a Guilford, Conn.-based manufacturer of pressure sensitive labels, shrink sleeves, flexible packaging and heat transfer labels.

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