Totes Isotoner sets $245 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, April 29 - Totes Isotoner firmed pricing on its $245 million seven-year first-lien covenant-light term loan (B2/B) at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Golub Capital are the leads on the deal.

The company is also getting a $100 million ABL revolver led by Wells Fargo Securities LLC and an $80 million second-lien term loan that was placed prior to syndication of the first-lien deal.

Proceeds will be used to help fund the buyout of the company by Freeman Spogli & Co. and Investcorp from MidOcean Partners.

Totes is a designer, distributor and retailer of branded accessories.

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