Varsity Brands talks $95 million add-on first-lien term loan at Libor plus 400 bps at 99.5

By Paul A. Harris

Portland, Ore., Oct. 18 – Varsity Brands talked a $95 million add-on first-lien term loan at Libor plus 400 basis points at 99.5, a market source said.

Commitments are due Oct. 25.

There is a 1% Libor floor.

The deal comes with six months of soft call protection at 101 and features 1% annual amortization.

Goldman Sachs is the left bookrunner. Barclays and Jefferies are the joint bookrunners.

The company will privately place $95 million of add-on second-lien term loan paper.

The Memphis, Tenn.-based provider of school sports, cheerleading and achievement-related products plans to use the proceeds, along with balance sheet cash, to fund a distribution to existing equity holders.

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