Traeger sets $47 million incremental, repricing at Libor plus 425 bps

By Sara Rosenberg

New York, March 20 – Traeger Grills (TGP Holdings III LLC) firmed pricing on its $47 million incremental first-lien term loan (B-) due September 2024 and repricing of its existing $254 million first-lien term loan (B-) due September 2024 and $40 million delayed-draw first-lien term loan due September 2024 at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The term loan debt still has a 1% Libor floor and 101 soft call protection for six months.

As before, the incremental loan is offered with an original issue discount of 99.75, and the repricing is offered at par with a 25 bps amendment fee.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Commitments continued to be due at 5 p.m. ET on Tuesday, the source added.

Proceeds from the incremental loan will be used to fund an earn-out payment and the repricing will take the existing first-lien term loan debt down from Libor plus 500 bps with a 1% Libor floor.

Traeger is a Salt Lake City-based designer of outdoor cooking products.

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