S&S Holdings discloses talk on first- and second-lien term loans

By Sara Rosenberg

New York, Feb. 18 – S&S Holdings LLC released price talk on its $600 million seven-year first-lien term loan (B2/B-) and $200 million eight-year second-lien term loan (Caa1/CCC) with its lender call on Thursday, according to a market source.

The first-lien term loan is talked at Libor plus 425 basis points to 450 bps with a 0.5% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 825 bps with a 0.5% Libor floor and a discount of 98 to 98.5, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $1.025 billion of credit facilities also include a $225 million five-year ABL revolver.

Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Natixis and Truist are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on March 4, the source added.

Proceeds will be used to help fund the buyout of the company by Clayton, Dubilier & Rice.

Closing is expected this quarter.

S&S is a Bolingbrook, Ill.-based distributor of imprintable apparel and accessories.

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