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West Marine to launch $505 million of term loans on Thursday
By Sara Rosenberg
New York, May 12 – West Marine Inc. (Rising Tide Holdings Inc.) will hold a lender call at 1 p.m. ET on Thursday to launch $505 million of term loans, according to a market source.
Barclays, Golub Capital LLC and Nomura are the bookrunners on the deal.
The debt consists of a $385 million first-lien term loan and a $120 million second-lien term loan, the source said.
The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.
Proceeds will be used to help fund the buyout of the company by L Catterton from Monomoy Capital Partners.
Closing is expected in May, subject to customary conditions.
West Marine is an omni-channel provider of aftermarket products and services to the boating, fishing, sailing and watersports markets platform.
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