Sweetwater launches $638.5 million term B at Libor plus 450-475 bps

By Sara Rosenberg

New York, July 22 – Sweetwater held a lender call at 10:30 a.m. ET on Thursday to launch a $638.5 million term loan B (B2/B) that is talked at Libor plus 450 basis points to 475 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at 5 p.m. ET on Aug. 2, the source added.

Proceeds will be used to help fund the buyout of the company by Providence Equity Partners.

Sweetwater is a Fort Wayne, Ind.-based online retailer of music instruments and audio gear.

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