VC GB Holdings to launch $498 million first-lien term loan on Tuesday

By Sara Rosenberg

New York, Oct. 23 – VC GB Holdings Inc. will hold a lender call at 1 p.m. ET on Tuesday to launch a $498 million covenant-light first-lien term loan (B1/B) due February 2024, according to a market source.

Deutsche Bank Securities Inc. is the left lead bookrunner on the deal.

Price talk on the term loan is Libor plus 325 basis points with a 1% Libor floor and a par issue price, the source said.

The term loan includes 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan down from Libor plus 375 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Oct. 31, the source added.

VC GB is a decorative lighting company.

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