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Topps prices $200 million term loan at Libor plus 400 bps
By Paul A. Harris
Portland, Ore., July 9 – Topps Co. Inc. priced its $200 million seven-year covenant-lite first-lien term loan (B1/B) at Libor plus 400 basis points and an original issue discount of 99, according to a market source.
The spread came on top of revised talk. Earlier talk was Libor plus 350 bps to 375 bps.
An incremental debt incurrence was revised to 3.5x from 3.75x, and MFN now applies to free & clear incremental amount, ratio based incremental amount and pari passu term loans under incremental equivalent debt, ratio debt and acquisition debt, the source said.
In addition, J Crew protection is included prohibiting moving material intellectual property and/or materials business segment to an unrestricted subsidiary, and the company is now required to hold quarterly lender calls.
The term loan still has a 0.5% Libor floor and has 101 soft call protection for six months.
Deutsche Bank Securities Inc. is the bookrunner on the deal. JPMorgan and Wells Fargo were joint bookrunners.
Proceeds will be used to refinance existing credit facilities.
Topps is a sports and entertainment company with a portfolio of physical trading cards, interactive apps, gifting/payment solutions and confectionary products.
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