Lifetime Brands launches $150 million loan at SOFR plus 525-550 bps

By Sara Rosenberg

New York, Oct. 25 – Lifetime Brands Inc. held a lender call at 1 p.m. ET on Wednesday to launch a $150 million term loan B due August 2027 (B3/BB-) that is talked at SOFR plus 525 basis points to 550 bps with a 1% floor and an original issue discount of 96, according to a market source.

The term loan is non-callable for one year, then at 101 in year two, and has a total net leverage ratio covenant of 5x, the source said.

Amortization on the term loan is 5% per annum.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at 5 p.m. ET on Nov. 2, the source added.

Proceeds will be used with revolving credit facility borrowings to refinance/extend an existing $198.7 million covenant-lite term loan B due February 2025 that is priced at SOFR+CSA plus 350 bps with a 1% floor.

Lifetime Brands is a Garden City, N.Y.-based provider of kitchenware, tableware and other products used in the home.

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