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S&S Holdings shifts funds between first- and second-lien term loans
By Sara Rosenberg
New York, March 10 – S&S Holdings LLC upsized its seven-year first-lien term loan to $625 million from $600 million and downsized its eight-year second-lien term loan to $175 million from $200 million, according to a market source.
In addition, the original issue discount on the first-lien term loan finalized at 97, the wide end of revised talk of 97 to 97.5 and wide of initial talk of 99, the source said.
Pricing on the first-lien term loan is Libor plus 500 basis points with a 0.5% Libor floor, and pricing on the second-lien term loan is Libor plus 875 bps with a 0.5% Libor floor and an original issue discount of 96.5.
The first-lien term loan has 101 soft call protection for one year, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.
Earlier in syndication, pricing on the first-lien term loan was increased from talk in the range of Libor plus 425 bps to 450 bps and the call protection was extended from six months. Also, pricing on the second-lien term loan was lifted from Libor plus 825 bps and the discount widened from talk in the range of 98 to 98.5.
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.
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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