World Kitchen launches $270 million facility at Libor plus 500-525 bps

By Sara Rosenberg

New York, Feb. 13 - World Kitchen LLC launched on Wednesday its $270 million credit facility with price talk of Libor plus 500 basis points to 525 bps, according to a market source.

The facility consists of a $90 million five-year revolver with no Libor floor and an original issue discount of 99½ and a $180 million six-year term loan with a 1.25% Libor floor and a discount of 99, the source said.

The term loan has 101 soft call protection for one year.

BMO Capital Markets, SunTrust Robinson Humphrey Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Commitments are due on Feb. 22, the source added.

World Kitchen is a Rosemont, Ill.-based manufacturer and marketer of bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products.

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