Savers launches $655 million term loan B at Libor plus 500-525 bps

By Sara Rosenberg

New York, June 13 - Savers Inc. launched its $655 million seven-year term loan B on Wednesday with price talk of Libor plus 500 basis points to 525 bps with a 1.25% Libor floor and an original issue discount of 98 to 981/2, according to a market source.

The term loan is repayable at par, the source said.

The company's $730 million senior secured credit facility (Ba3) also includes a $75 million five-year revolver.

Goldman Sachs Lending Partners LLC, Barclays Bank plc, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the joint bookrunners and joint lead arrangers on the deal.

Proceeds will be used to help fund the recapitalization of the company through a buyout by Leonard Green & Partners LP, TPG, chairman Thomas Ellison and management.

In addition, the company will issue $295 million of private unsecured notes that will be purchased by Crescent Capital Group.

The company is being acquired from Freeman Spogli & Co.

Closing is expected in July.

Savers is a Bellevue, Wash.-based thrift store chain.

© 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.