AAi.FosterGrant to launch $215 million credit facility

By Sara Rosenberg

New York, Oct. 27 - AAi.FosterGrant Inc. is scheduled to hold a bank meeting on Friday to launch its proposed $215 million credit facility, according to market sources.

JPMorgan and General Electric Capital Corp. are the lead banks on the deal, with JPMorgan the left lead.

The facility consists of a $15 million revolver, a $150 million term loan B and a $50 million second-lien term loan, sources said.

Although opening price talk has not yet firmed up, some are expecting the revolver and term loan B to be launched in the Libor plus 275 basis points contexts and the second-lien term loan to be launched in the Libor plus 625 bps context, one source added.

Proceeds will be used for a dividend recapitalization.

AAi.FosterGrant is a Smithfield, R.I., eyewear and jewelry company.

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