Varsity Brands shops $50 million add-on first-lien term loan B

By Sara Rosenberg

New York, May 20 – Varsity Brands Inc. is now seeking a fungible $50 million add-on first-lien term loan B along with its previously launched first-lien term loan B repricing, according to a market source.

The add-on, like the repricing, is talked at Libor plus 400 basis points with a 1% Libor floor and 101 soft call protection for six months.

Goldman Sachs Bank USA, Barclays and Jefferies Finance LLC are the leads on the deal.

Proceeds from the add-on will be used to repay some second-lien term loan borrowings, and the repricing will take pricing on the existing term loan down from Libor plus 500 bps with a 1% Libor floor.

Upon closing in December, the term loan B was sized at $755 million.

Varsity Brands is a Memphis, Tenn.-based portfolio of brands that promote student participation while celebrating academic and athletic achievement.

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