Ollie's Bargain Outlet wraps $60 million add-on, term loan repricing

By Sara Rosenberg

New York, April 7 - Ollie's Bargain Outlet completed syndication of a $60 million add-on term loan and repricing of its existing term loan, according to a market source.

The add-on and existing term loan are priced at Libor plus 375 basis points with a 1% Libor floor, and the add-on was sold at an original issue discount of 991/2, the source said.

All of the term loan debt has 101 soft call protection for one year.

Jefferies Finance LLC is leading the deal (B2/B).

Proceeds from the add-on will be used to fund a distribution to shareholders, and the repricing is taking the existing term loan down from Libor plus 400 bps with a 1.25% Libor floor.

Ollie's is a Harrisburg, Pa.-based retailer of closeouts, excess inventory and salvage merchandise.

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