IWCO Direct to launch sell-down of $250 million term loan on Tuesday

By Sara Rosenberg

New York, Jan. 7 - IWCO Direct Inc. is scheduled to hold a bank meeting on Tuesday to launch the sell-down of its $250 million term loan that was obtained in 2007, according to a market source.

Deutsche Bank is the lead bank on the deal.

The term loan is priced at Libor plus 337.5 basis points and is expected to be offered at an original issue discount somewhere in the high 80s to low 90s area, the source said.

Proceeds from the loan were used in 2007 to help fund Avista Capital Partners' acquisition of the company from Court Square Capital Partners.

IWCO is a Chanhassen, Minn., provider of direct marketing services.

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