Nine West launches $325 million term loan at Libor plus 800 bps

By Sara Rosenberg

New York, March 5 – Nine West launched on Tuesday its $325 million five-year first-lien term loan with price talk of Libor plus 800 basis points with a 1% Libor floor and an original issue discount of 96 to 97, according to a market source.

The term loan is non-callable for one year, then at 102 in year two and 101 in year three, the source said.

Amortization on the term loan is 1.25% per quarter.

The term loan has a total net leverage ratio covenant of 5.5 times, subject to step-downs over time.

Goldman Sachs Bank USA is the bookrunner on the deal.

Commitments are due on March 15, the source added.

Proceeds will be used to fund the company’s emergence from bankruptcy.

Nine West is a New York-based designer, wholesaler and brand licensor of denim, women’s apparel and jewelry. The company filed bankruptcy on April 6, 2018 under Chapter 11 case number 18-10947.

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