Augusta Sportswear flexes $340 million term loan to SOFR plus 650 bps

By Sara Rosenberg

New York, Nov. 21 – Augusta Sportswear Brands increased pricing on its $340 million six-year covenant-lite term loan to SOFR plus 650 basis points from SOFR plus 600 bps, according to a market source.

As before, the term loan has a 1% floor, an original issue discount of 98, and hard call protection of 102 in year one and 101 in year two.

The company’s $390 million of senior secured credit facilities also include a $50 million revolver.

The term loan has a springing covenant trigger at 40% drawn on the revolver.

Antares Capital LP is the lead on the deal.

Proceeds will be used to support the buyout of the company by Platinum Equity.

Augusta Sportswear is a Grovetown, Ga.-based supplier of team uniforms and off-field performance wear primarily serving youth and recreational segments.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.