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EveryWare ups spread on $250 million term loan to Libor plus 625 bps
By Sara Rosenberg
New York, April 19 - EveryWare Global Inc. increased pricing on its $250 million first-lien term loan (B2/B) to Libor plus 625 basis points from Libor plus 550 bps, according to a market source.
Also, the loan now has call protection of 102 in year one and 101 in year two, revised from 101 soft call protection for one year, the source said.
As before, the term loan has a 1.25% Libor floor and an original issue discount of 99.
Other changes made to the loan included setting the accordion at $50 million subject to a first-lien leverage ratio of 3.5 times, instead of at $40 million plus an additional $35 million subject to a first-lien leverage ratio of 3.5 times, and reducing the available amount starter basket to $10 million from $20 million, the source said.
Deutsche Bank Securities Inc. and Jefferies Finance LLC are the lead banks on the term loan.
In addition to the term loan, the company is getting a $50 million ABL revolver that is not being syndicated.
Proceeds will be used to help fund the merger of EveryWare, a Monomoy Capital Management LLC portfolio company, with ROI Acquisition Corp., with the combined company named EveryWare Global Inc.
Under the terms of the merger agreement, EveryWare's existing stockholders will receive cash consideration of between $90 million and $107.5 million and shares of common stock of ROI, representing between 69.4% and 59.4% of the post-merger company.
Closing is expected this quarter.
EveryWare is a designer, manufacturer and marketer of tabletop and food preparation products. ROI Acquisition is a New York-based special purpose acquisition company.
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