Nixon completes $200 million credit facility led by Jefferies

By Sara Rosenberg

New York, May 3 - Nixon Inc. closed on a new $200 million credit facility that was led by Jefferies & Co., according to a market source.

The facility consists of a $25 million asset-based revolver priced at Libor plus 200 basis points and a $175 million term loan B that is priced at 8¾% cash and 2¾% PIK and was sold at an original issue discount of 98, the source said.

Proceeds were used to help fund a spin-off with Trilantic Capital Partners the sponsor.

Nixon is an Encinitas, Calif.-based designer and distributor of watches and accessories to the action sports and casual watch markets.

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