Sweetwater firms $638.5 million term B at Libor plus 475 bps

By Sara Rosenberg

New York, Aug. 3 – Sweetwater finalized pricing on its $638.5 million term loan B (B2/B) at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

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

Sweetwater is a Fort Wayne, Ind.-based online retailer of music instruments and audio gear.

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