FGX International launches $175 million credit facility

By Sara Rosenberg

New York, Nov. 27 - FGX International Holdings Ltd. held a bank meeting on Tuesday to launch its proposed $175 million senior credit facility, according to a market source.

SunTrust is the lead bank on the deal.

The facility consists of a $75 million revolver and a $100 million term loan, with both tranches talked at Libor plus 175 basis points, subject to a leverage grid, the source said.

The revolver has a 30 bps commitment fee and a $50 million accordion feature.

Proceeds will be used to repay existing debt and for working capital.

Covenants include a leverage test and a fixed-charge coverage ratio.

Leverage is 2.3 times.

FGX is a Smithfield, R.I.-based designer and marketer of non-prescription reading glasses, sunglasses and costume jewelry.

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