Totes Isotoner sets Jan. 9 launch for $275 million credit facility

By Sara Rosenberg

New York, Jan. 2 - Totes Isotoner Corp. has firmed up timing on the launch of its proposed $275 million credit facility with the scheduling of a bank meeting for Jan. 9, according to a market source.

Previously, it was known that the week of Jan. 8 was being targeted for the launch, but a specific date had not been set.

Credit Suisse is the lead bank on the deal.

The facility consists of an $85 million ABL revolver, a $125 million first-lien term loan and a $65 million second-lien term loan.

Proceeds from the deal will be used fund a recapitalization of Totes, which includes the acquisition of a majority stake in the company by MidOcean Partners.

Bruckmann, Rosser, Sherrill & Co., LLC, an existing investor, and the current Totes senior management team will continue to maintain a significant ownership position in the company.

Totes Isotoner is a Cincinnati marketer of branded umbrellas, gloves, slippers and other weather-related accessories.

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