Varsity Brands hosts lender call with new sponsor, Bain Equity

By Sara Rosenberg

New York, July 20 – Varsity Brands Inc. was scheduled to hold a lender call at 10 a.m. ET on Friday with new private equity owner Bain Capital, according to a market source.

In connection with the buyout, the company is getting a privately placed $275 million incremental first-lien term loan and a privately placed up to $120 million incremental second-lien term loan, the source said.

The current capital structure that was put in place in December will remain outstanding since it included a portability provision.

Varsity Brands is being bought from Charlesbank Capital Partners and funds managed and/or advised by Partners Group.

Jefferies LLC is the lead on the existing credit facilities.

Varsity Brands is a Memphis, Tenn.-based provider of sports, cheerleading and achievement-related products to schools.

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