Esselte launches $200 million term loan at Libor plus 600-650 bps

By Sara Rosenberg

New York, May 7 - Esselte launched a $200 million term loan on Monday afternoon with price talk of Libor plus 600 basis points to 650 bps with a 1.25% Libor floor and an original issue discount of 981/2, according to a market source.

There is 101 soft call protection for one year, the source said.

Amortization is 2.5% in year one and 5% per year thereafter.

Jefferies & Co. and Citigroup Global Markets Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a distribution to shareholders.

Commitments are due on May 18, the source remarked.

Esselte is a Stamford, Conn.-based office supplies manufacturer.

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