Tile Shop obtains $100 million credit facility at Libor plus 200 bps

By Sara Rosenberg

New York, Oct. 3 - Tile Shop Holdings Inc. closed on a $100 million senior secured credit facility that carries initial pricing of Libor plus 200 basis points, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The spread can range from Libor plus 175 bps to 225 bps based on leverage.

The facility consists of a $75 million revolver and a $25 million five-year term loan.

Bank of America Merrill Lynch acted as the lead arranger and bookrunner on the deal.

Proceeds are being used to refinance outstanding debt and for working capital purposes.

Tile Shop is a Plymouth, Minn.-based specialty retailer of manufactured and natural stone tiles, setting and maintenance materials.

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