Visant ups spread on $775 million term loan to Libor plus 600 bps

By Sara Rosenberg

New York, Aug. 11 – Visant Corp. increased pricing on its $775 million seven-year first-lien term loan to Libor plus 600 basis points from Libor plus 450 bps, according to a market source.

Also, the original issue discount on the term loan widened to 98 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor, a springing maturity and a maximum total leverage covenant.

The company’s $875 million credit facility (BB-) also includes a $100 million revolver.

Recommitments are due at noon ET on Wednesday, the source added.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to refinance existing bank debt.

Visant is an Armonk, N.Y.-based marketing and publishing services enterprise servicing the school affinity, direct marketing, fragrance, cosmetic and personal care sampling and packaging and educational and trade publishing segments.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.