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FullBeauty Brands increases first- and second-lien term loan pricing
By Sara Rosenberg
New York, Oct. 13 – FullBeauty Brands raised pricing on its $820 million seven-year first-lien term loan (B1/B-) to Libor plus 475 basis points from Libor plus 450 bps and on its $345 million eight-year second-lien term loan (Caa1/CCC) to Libor plus 900 bps from Libor plus 850 bps, according to a market source.
Also, original issue discount talk on the first-lien term loan was changed to 92 to 93 from 99 and discount talk on the second-lien term loan widened to the 87 area from 98 to 98.5, the source said.
In addition, the second-lien term loan is now non-callable for one year, then at 102 in year two and 101 in year three, instead of having call protection of 102 in year one and 101 in year two.
Both term loans still have a 1% Libor floor.
The company’s credit facility also provides for an asset-based revolver that was downsized to $100 million from $125 million, the source continued.
Other changes made included removing the MFN sunset and lifting the excess cash flow sweep to 75%.
Recommitments were due at 5 p.m. ET on Tuesday, the source added.
J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Jefferies Finance LLC and Deutsche Bank Securities Inc. are the lead banks on the debt, with JPMorgan the left lead on the first-lien and Goldman the left lead on the second-lien.
Proceeds from the now $1,265,000,000 credit facility, down from $1.29 billion, will be used to help fund the buyout of the company by Apax Partners LLP from Charlesbank Capital Partners and Webster Capital.
Closing is expected during the fourth quarter, subject to customary conditions.
Following the closing of the transaction, Charlesbank will maintain a substantial ownership interest in the company.
FullBeauty Brands is a New York-based catalog retailer and online marketplace for plus-size consumers.
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