Wilton reverse flexes first-lien term loan spread, increases OID

By Sara Rosenberg

New York, Nov. 14 - Wilton Industries lowered pricing on its $445 million first-lien term loan (Ba3/B+) to Libor plus 325 basis points from Libor plus 375 bps, but increased the original issue discount to 93 from 97, according to a market source.

Most investors have already received their allocations on the first-lien loan, the source added.

Wilton's $950 million senior secured credit facility also includes a $65 million revolver (Ba3/B+), a $255 million second-lien term loan (Caa1/B-) priced at Libor plus 700 bps and a $185 million mezzanine holdco facility priced at 11½%, split into 4.2% cash pay and 7.3% PIK.

The second-lien term loan carries call protection of 102 in year one and 101 in year two and the mezzanine facility is non-callable for one year, then at 102 in year two and 101 in year three.

UBS Investment Bank and Deutsche Bank acted as the lead banks on the deal.

Proceeds from the credit facility were used to help fund GTCR Golder Rauner's already completed acquisition of Wilton Industries, Inc. and Dimensions Holdings, LLC through its portfolio company, EK Success Ltd.

The combined food, paper and celebration crafting company operates as Wilton Industries and is based in Woodbridge, Ill.

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