Fasteners for Retail ups term loan to $145 million, updates pricing

By Sara Rosenberg

New York, June 29 - Fasteners for Retail Inc. upsized its term loan to $145 million from $140 million and added a pricing step-down to Libor plus 375 basis points at less than 4.0 times leverage, according to a market source.

Also, the term loan saw the addition of 101 soft call protection for one year, the source said.

Initial pricing on the term loan, as well as on a $20 million revolver, is unchanged at Libor plus 400 bps with a 1.5% Libor floor and an original issue discount of 991/4.

GE Capital Markets is the lead bank on the deal.

Proceeds will be used to help fund the buyout of the company by Olympus Partners from Cortec Group.

Fasteners for Retail is a Twinsburg, Ohio-based provider of point-of-purchase merchandising and display services for retail applications.

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