Totes Isotoner launches $25 million tack-on term loan to investors

By Sara Rosenberg

New York, Aug. 7 - Totes Isotoner Corp. held a call at 1 p.m. ET on Wednesday to launch a $25 million tack-on term loan due July 2017 that is fungible with its existing term loan, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The tack-on term loan is talked at Libor plus 575 basis points with a 1.5% Libor floor and an original issue discount of 991/2, the source said.

The spread and floor on the tack-on match the existing term loan.

Included in the tack-on loan is 101 soft call protection for six months, the source added.

Covenants are maximum total leverage and fixed charge coverage ratios.

Proceeds will be used to fund a dividend to shareholders.

Commitments are due on Tuesday.

Totes is a Cincinnati-based designer and retailer of branded accessories.

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