Totes-Isotoner to launch $325 million credit facility on Thursday

By Sara Rosenberg

New York, May 31 - Totes-Isotoner Corp. is scheduled to hold a bank meeting on Thursday at 10 a.m. ET to launch a proposed $325 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The facility consists of an $85 million five-year ABL revolver, a $145 million six-year first-lien term loan, a $15 million six-year final maturity delayed-draw first-lien term loan and an $80 million 61/2-year second-lien term loan, the source said.

Proceeds will be used to refinance existing debt and pay a dividend to shareholders.

Totes-Isotoner is a Cincinnati-based marketer of umbrellas, gloves, rainwear, rubber overshoes and other weather-related accessories.

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