Stuart Weitzman ups term loan B to $250 million, reduces pricing

By Sara Rosenberg

New York, Feb. 28 - Stuart Weitzman LLC increased its six-year term loan B to $250 million from $220 million and decreased pricing to Libor plus 350 basis points from Libor plus 400 bps, according to a market source.

The B loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

Commitments are due at noon ET on Monday, accelerated from Wednesday, the source said.

The company's now $285 million senior secured credit facility, up from $255 million, also includes a $35 million asset-based revolver.

Jefferies Finance LLC and MCS Corporate Lending LLC are leading the term loan, and Wells Fargo Securities LLC is leading the revolver.

Proceeds will be used to help fund the buyout of the company by Sycamore Partners.

As a result of the term loan upsizing, the amount of equity being used for transaction was reduced, the source added.

Closing on the buyout is subject to completion of the purchase of Stuart Weitzman's parent company, Jones Group Inc., by Sycamore Partners LP.

Stuart Weitzman is a New York-based footwear and handbag company.

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