PlayCore downsizes facility to $125 million as second-lien removed

By Sara Rosenberg

New York, June 29 - PlayCore Holdings Inc. reduced its credit facility size to $125 million from $150 million and opted to go to an all first-lien structure, according to a market source.

The facility now consists of a $20 million five-year revolver and a $105 million six-year first-lien term loan, both priced in line with initial talk at Libor plus 450 basis points with a 1.5% Libor floor and an original issue discount of 99, and the revolver has a 75 bps unused fee, the source said.

Previously, the first-lien term loan had been sized at $95 million, and there was a $35 million seven-year second-lien term loan talked at Libor plus 850 bps with a 1.5% Libor floor and an original issue discount of 98.

BNP Paribas Securities Corp. and SunTrust Robinson Humphrey Inc. are the lead banks on the deal, with BNP the left lead.

Proceeds will be used to refinance existing senior and subordinated debt.

PlayCore is a Chattanooga, Tenn.-based designer, manufacturer and marketer of playground, park and recreation and youth fitness programs and products.

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