Totes Isotoner eyes Jan. 8 week for launch of $275 million credit facility

By Sara Rosenberg

New York, Dec. 22 - Totes Isotoner Corp. is tentatively scheduled to launch its proposed $275 million credit facility during the week of Jan. 8, according to a market source.

Credit Suisse is the lead bank on the deal.

Previously, all that was known on timing for the deal was that it was anticipated for early January.

The facility consists of an $85 million ABL revolver, a $125 million first-lien term loan and a $65 million second-lien term loan.

Proceeds from the deal will be used fund a recapitalization of Totes, which includes the acquisition of a majority stake in the company by MidOcean Partners.

Bruckmann, Rosser, Sherrill & Co., LLC, an existing investor, and the current Totes senior management team will continue to maintain a significant ownership position in the company.

Totes Isotoner is a Cincinnati marketer of branded umbrellas, gloves, slippers and other weather-related accessories.

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