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Jo-Ann talks $225 million second-lien loan at Libor plus 900-925 bps
By Sara Rosenberg
New York, April 23 – Jo-Ann Stores LLC launched on Monday its $225 million six-year covenant-light second-lien term loan (Caa1/CCC+) with price talk of Libor plus 900 basis points to 925 bps with a 1% Libor floor and an original issue discount of 98.5, according to a market source.
The term loan has call protection of 102 in year one and 101 in year two, the source said.
Bank of America Merrill Lynch is the lead bank on the deal.
Commitments are due at noon ET on May 1, the source added.
Proceeds will be used with a $58 million draw on the company’s existing $400 million asset-based lending facilities to refinance $274 million HoldCo senior PIK toggle notes.
Jo-Ann Stores is a Hudson, Ohio-based specialty retailer of fabrics and crafts.
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