Lifetime Brands firms $150 million term loan at SOFR plus 550 bps

By Sara Rosenberg

New York, Nov. 3 – Lifetime Brands Inc. finalized pricing on its $150 million term loan B due August 2027 (B3/BB-) at SOFR plus 550 basis points, the high end of the SOFR plus 525 bps to 550 bps talk, according to a market source.

The term loan still has a 1% floor, an original issue discount of 96, call protection of non-callable for one year, then at 101 in year two, and a total net leverage ratio covenant.

JPMorgan Chase Bank is the lead on the deal.

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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