Garden Ridge talks discount price on $250 million term loan B at 97

By Sara Rosenberg

New York, Sept. 8 - Garden Ridge is talking its $250 million six-year term loan B (B2/B+) with an original issue discount of 97, according to a market source.

As was previously reported, price talk is Libor plus 625 bps to 650 bps with a 1.5% Libor floor, and there is 101 soft call protection for one year.

The company's $330 million credit facility also provides for an $80 million ABL revolver.

Bank of America Merrill Lynch and UBS Securities LLC are the lead banks on the deal, which launched with a bank meeting on Wednesday.

Proceeds will be used to fund the buyout of the company by AEA Investors LP.

Garden Ridge is a Houston-based seller of mattresses, ready-to-assemble furniture, discount apparel and handbags and books.

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