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OneStopPlus ups first-lien term loan to $305 million, cuts spread
By Sara Rosenberg
New York, Jan30 - OneStopPlus Group upsized its seven-year first-lien term loan (B1) to $305 million from $280 million and reduced pricing to Libor plus 450 basis points from talk of Libor plus 475 bps to 500 bps, according to a market source.
Also, the Libor floor on the loan was trimmed to 1% from 1.25%, and the 101 soft call protection was shortened to six months from one year, the source said.
The first-lien term loan is being offered at an original issue discount of 99.
In addition, the company lowered pricing on its $85 million 71/2-year second-lien term loan to Libor plus 900 bps from Libor plus 925 bps, the source said.
Pricing on the second-lien loan will step-down to Libor plus 850 bps when senior secured net leverage is less than 4 times. A 50 bps leverage-based step-down in spread was part of the deal since launch.
The second-lien term loan still has a 1.25% Libor floor and an original issue discount of 99.
The company's now $450 million credit facility, up from $425 million, also includes a $60 million five-year ABL revolver that is priced at Libor plus 200 bps.
Recommitments were due by noon ET on Wednesday.
Goldman Sachs & Co. and Jefferies & Co. are leading the deal.
Proceeds, along with equity, will be used to fund the buyout of the company by Charlesbank Capital Partners and Webster Capital.
As a result of the term loan upsizing, sponsor equity is being reduced to $132 million from $157 million, the source added.
Leverage through the first-lien loan is 3.4 time, and total leverage is 4.4 times.
Closing is expected this quarter.
OneStopPlus is a New York-based catalog retailer and online marketplace for plus-size consumers.
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