OtterBox launches $400 million term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, April 24 - OtterBox launched on Wednesday its $400 million six-year term loan B with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 981/2, according to market sources.

The B loan has 101 soft call protection for one year.

The company's new $550 million credit facility also includes a $150 million three-year revolver that is talked at Libor plus 175 basis points.

Commitments are due on May 10, sources added.

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

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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