OtterBox readies launch of $550 million credit facility for Wednesday

By Sara Rosenberg

New York, April 22 - OtterBox is scheduled to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $550 million credit facility, according to sources.

Wells Fargo Securities LLC is the lead bank on the deal.

The facility consists of a $150 million three-year revolver that is talked at Libor plus 175 basis points, and a $400 million six-year term loan B that has 101 soft call protection for one year, sources said.

Proceeds will be used to help fund the acquisition of LifeProof, a San Diego-based maker of protective cases for Smartphones and Tablet PCs.

OtterBox is a Fort Collins, Colo.-based producer of protective solutions for global handheld manufacturers, wireless carriers and distributors.

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