Jo-Ann Stores launches $100 million add-on term loan at 99-99.5 OID

By Sara Rosenberg

New York, June 22 – Jo-Ann Stores Inc. launched on Thursday its fungible $100 million add-on term loan due October 2023 with original issue discount talk of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 500 basis points with a 1% Libor floor, in line with existing term loan pricing.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used to repay opco notes.

Jo-Ann Stores is a Hudson, Ohio-based specialty retailer of fabrics and crafts.

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