Authentic Brands deal revisions emerge; Sequa seeks extension, pre-placed term loan

By Sara Rosenberg

New York, July 14 – Authentic Brands Group LLC lifted its non-fungible incremental first-lien term loan due 2024 to $200 million from $150 million, cut pricing to Libor plus 525 basis points from Libor plus 550 bps and changed the original issue discount to 97.5 from 97, according to a market source.

As before, the term loan has a 1% Libor floor.

BofA Securities, Inc. is leading the deal that will be used for acquisitions and general corporate purposes.

And, in more happenings, Sequa Corp. came to market with an extension of its existing capital structure by about two years across all tranches, and is offering to increase pricing on its extended loans by 175 bps and pay a 50 bps consent fee, a market source remarked.

Additionally, the company is raising a $200 million five-year pari passu first-lien term loan that is being pre-placed with certain existing lenders and is non-callable for two years, and $56 million of new preferred equity backstopped fully by the sponsor, Carlyle, the source continued.

Also, Epicor Software Corp. is getting ready to bring first- and second-lien term loans to market.

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