Visual Comfort sets first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, June 17 – Visual Comfort & Co. (Illuminate Merger Sub Corp.) released price talk on its $835 million seven-year covenant-lite first-lien term loan (B1/B) and $335 million eight-year covenant-lite second-lien term loan (Caa1/CCC+) with its lender call on Thursday, according to a market source.

Talk on the first-lien term loan is Libor plus 375 basis points to 400 bps with a 0.5% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 700 bps to 725 bps with a 0.5% Libor floor and a discount of 99, 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.

Commitments are due at 5 p.m. ET on June 30, the source added.

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.