Stuart Weitzman trades up on acquisition news; Global Knowledge, Hoover Container set talk

By Sara Rosenberg

New York, Jan. 6 – Stuart Weitzman Holdings LLC’s term loan headed higher in the secondary market on Tuesday following news that the company is being purchased by Coach Inc.

Switching to the primary market, Global Knowledge Training LLC came out with pricing guidance on its first- and second-lien term loans with launch, Hoover Container Solutions released talk in preparation for its upcoming bank meeting, and IPC Corp., Kaufman Hall & Associates LLC and Alliant Holdings joined the near-term calendar.

Stuart Weitzman’s term loan gained some ground in trading on Tuesday after it was announced that Coach is buying the company from Sycamore Partners, according to a trader.

The term loan was quoted at 99 bid, par offered, up from 98¼ bid, 99¼ offered, a trader remarked.

Under the agreement, Stuart Weitzman is being purchased for about $530 million plus up to $44 million in contingent payments upon the successful achievement of selected revenue targets over the three years following the closing of the acquisition.

Funds for the transaction will come from cash on hand or other sources of financing available to the company in the credit and capital markets, a news release said.

Closing is expected by May, subject to customary conditions, including expiration of the Hart-Scott-Rodino Antitrust waiting period.

Over in the primary, Global Knowledge Training held its bank meeting at 12:30 p.m. ET in New York on Tuesday.

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