Everyware launches $150 million term loan B at Libor plus 700 bps

By Sara Rosenberg

New York, Feb. 9 - Everyware held a bank meeting at noon ET on Thursday to launch a proposed $150 million six-year term loan B that is talked at Libor plus 700 basis points with a 1.5% Libor floor and an original issue discount of 98, according to a market source.

The loan has 101 soft call protection for one year, the source said.

Commitments are due on Feb. 23.

In addition to the B loan, the company is getting a $75 million five-year ABL revolver that is expected to have a pricing grid ranging from Libor plus 175 bps to 275 bps based on availability, the source continued.

Barclays Capital Inc. is the lead bank on the B loan, and Wells Fargo Securities LLC is leading the revolver.

Proceeds from the $225 million credit facility will be used to refinance existing debt and pay a dividend in connection with the formation of the company through the merger of Oneida Ltd. and Anchor Hocking Co. by sponsor Monomoy Capital Partners.

Oneida is a tabletop brand and Anchor Hocking is a manufacturer and marketer of foodservice and retail glassware.

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