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Visual Comfort shifts funds between first- and second-lien term loans
By Sara Rosenberg
New York, June 30 – Visual Comfort & Co. (Illuminate Merger Sub Corp.) upsized its seven-year covenant-lite first-lien term loan to $875 million from $835 million and downsized its eight-year covenant-lite second-lien term loan to $295 million from $335 million, according to a market source.
Also, pricing on the first-lien term loan was lowered to Libor plus 350 basis points from talk in the range of Libor plus 375 bps to 400 bps, and pricing on the second-lien term loan was reverse flexed to Libor plus 675 bps from talk in the range of Libor plus 700 bps to 725 bps, the source said.
The first-lien term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan still has a 0.5% Libor floor, a discount of 99 and 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.
Recommitments were scheduled to be due at 2 p.m. ET on Wednesday, 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.
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