Oneida sets Thursday launch for $170 million exit facility

By Sara Rosenberg

New York, June 28 - Oneida Ltd. has scheduled a bank meeting for Thursday to launch its proposed $170 million exit financing credit facility, according to a market source.

Credit Suisse is the lead bank on the deal.

The facility consists of an $80 million five-year revolver talked at Libor plus 150 basis points with a 25 bps commitment fee and a $90 million six-year term loan talked at Libor plus 700 bps, the source said.

There is call protection of 103 in year one and 101 in year two on the term loan.

The revolver will contain a pricing grid that is based on excess availability. If excess availability is less than $10 million, interest will be Libor plus 175 bps; between $10 million and $20 million, interest will be Libor plus 150 bps; between $20 million and $40 million, interest will be Libor plus 125 bps and if excess availability is more than $40 million, interest will be Libor plus 100 bps.

Proceeds will be used to repay a $9.9 million outstanding debtor-in-possession facility and a $115.3 million tranche A loan.

Oneida is an Oneida, N.Y.-based maker of flatware, dinnerware, crystal and metal serving pieces.

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