Empire launches $170 million incremental term loan at 99 OID

By Sara Rosenberg

New York, Sept. 9 – Empire Today launched on Thursday its fungible $170 million incremental first-lien term loan with original issue discount talk of 99, according to a market source.

The incremental term loan is priced at Libor plus 500 basis points with a 0.75% Libor floor.

Included in the incremental term loan is 101 soft call protection for six months, the source said.

The company is also getting a $60 million revolver.

KKR Capital Markets and Jefferies LLC are the leads on the debt.

Commitments are due at noon ET on Sept. 21, the source added.

Proceeds will be used to support the acquisition of the company by Charlesbank Capital Partners.

Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.

The company’s existing $425 million term loan is getting ported over.

Empire Today is a Northlake, Ill.-based provider of installed home improvements and home furnishings.

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