Snap One Holdings term loan B unmoved in secondary by incremental private placement

By Sara Rosenberg

New York, Oct. 7 – Snap One Holdings Corp.’s existing term loan B held steady in trading on Friday following news of a privately placed incremental term loan B.

The existing term loan B was quoted at 91 bid, 93 offered, unchanged on the day, after it was revealed that the company privately placed with one account a non-fungible $55 million three-year incremental covenant-lite term loan B, a trader remarked.

Pricing on the incremental term loan is SOFR plus 675 basis points with a 0.5% floor, and the debt has 101 soft call protection for one year.

The existing term loan priced in November 2021 at Libor plus 450 bps with a 0.5% Libor floor.

Morgan Stanley Senior Funding Inc. is led the incremental loan, which will be used for general corporate purposes.

Snap One is a Charlotte, N.C.-based provider of a suite of products, services and software to professional do-it-for-me integrators.

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