Barrette raises term loan to $175 million, revises OID to 99.875

By Sara Rosenberg

New York, Feb. 25 – Barrette (LEB Holdings (USA) Inc.) upsized its fungible incremental covenant-lite first-lien term loan (B2/B) due November 2027 to $175 million from $125 million and tightened the original issue discount to 99.875 from talk in the range of 99.5 to 99.75, according to a market source.

Pricing on the incremental term loan is Libor plus 400 basis points with a 25 bps step-down at 3.65x first-lien net leverage and a 0.75% Libor floor, in line with existing term loan pricing.

The incremental term loan, like the existing term loan, has 101 soft call protection through May 2.

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

Commitments were scheduled to be due at 5 p.m. ET on Thursday, accelerated from 5 p.m. ET on Tuesday, the source added.

Proceeds will be used for general corporate purposes, including mergers and acquisitions.

Barrette is a manufacturer and distributor of wood alternative fence, railing and other outdoor living products.

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