Topps plans $120 million credit facility with buyout by equity group

By Sara Rosenberg

New York, April 17 - The Topps Co. Inc. revealed plans to get a $120 million senior secured credit facility in connection with its buyout by The Tornante Co. LLC and Madison Dearborn Partners LLC, according to a PREM14A filed with the Securities and Exchange Commission Tuesday.

Deutsche Bank is the lead bank on the deal.

The facility consists of a $95 million seven-year term loan and a $25 million six-year revolving credit facility.

The credit facility has a $20 million accordion feature.

Topps has also received a commitment for a $45 million senior subordinated unsecured eight-year term loan.

Other financing will come from a $191 million equity commitment.

Under the terms of the agreement, Topps stockholders will receive $9.75 per share in cash, for a total transaction value of $385.4 million.

The transaction, which is not contingent upon financing, is subject to the approval of Topps stockholders, regulatory approvals and other customary closing conditions, and is expected to close in the third quarter.

Topps is a New York-based creator and marketer of sports and related cards, entertainment products, and distinctive confectionery.

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