Visual Comfort to launch $1.17 billion of term loans on Thursday

By Sara Rosenberg

New York, June 16 – Visual Comfort & Co. (Illuminate Merger Sub Corp.) is set to hold a lender call at 11 a.m. ET on Thursday to launch $1.17 billion of term loans, according to a market source.

The debt consists of an $835 million seven-year covenant-lite first-lien term loan and a $335 million eight-year covenant-lite second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Nomura are the bookunners on the deal, with Deutsche the left lead on the first-lien loan and Goldman Sachs the left lead on the second-lien loan.

Proceeds will be used to help fund a strategic investment in the company by Goldman Sachs Asset Management and Leonard Green & Partners LP alongside their existing investment partner, AEA Investors.

Closing is expected in the third quarter, subject to customary conditions, including regulatory approvals.

Visual Comfort is a Houston-based provider of decorative and functional lighting.

© 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.