Herff Jones launches $550 million term B at Libor plus 350-400 bps

By Sara Rosenberg

New York, June 5 - Herff Jones launched on Wednesday its $550 million term loan B with price talk of Libor plus 350 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The company's $700 million credit facility also includes a $150 million revolver.

Commitments are due on June 19, the source said.

Jefferies Finance LLC, PNC Capital Markets LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to fund the acquisition of BSN Sports and refinance existing debt.

Herff Jones is an Indianapolis-based manufacturer and publisher of educational products, recognition awards and graduation-related items. BSN Sports is a Dallas-based distributor of team sports apparel and equipment.

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