Otter Products launches $625 million at Libor plus 450-475 bps

By Sara Rosenberg

New York, May 15 - Otter Products LLC launched on Thursday its $625 million six-year term loan B with price talk of Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

The company's $725 million credit facility also includes a $100 million revolver.

Commitments are due on May 29, the source added.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and KeyBanc Capital Markets are the lead banks on the deal.

Proceeds will be used to refinance existing debt and to fund a dividend.

Otter Products is a Fort Collins, Colo.-based provider of protective cases for mobile devices.

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