Totes ups spread on $160 million first-lien loan to Libor plus 575 bps

By Sara Rosenberg

New York, June 22 - Totes-Isotoner Corp. increased pricing on its $160 million six-year first-lien term loan (B3/B), which includes a $15 million delayed-draw tranche, to Libor plus 575 basis points from Libor plus 525 bps, according to a market source.

In addition, the original issue discount on the first-lien term loan was widened to 98 from 99, and 101 soft call protection for one year was added, the source said.

The 1.5% Libor floor was left unchanged.

Pricing on the company's $80 million 61/2-year second-lien term loan (Caa2/CCC+) firmed in line with initial talk at Libor plus 925 bps with a 1.5% Libor floor and an original issue discount of 97, the source continued.

Call protection on the second-lien loan remained at 103 in year one, 102 in year two and 101 in year three, with a carve-out for change of control at par.

The company's $325 million credit facility also includes an $85 million five-year ABL revolver.

Recommitments were due at 5 p.m. ET on Wednesday.

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

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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