Sola's $225 million loan priced at Libor plus 300 basis points

By Sara Rosenberg

New York, Oct. 31 - Pricing on both tranches of Sola International Inc.'s $225 million credit facility is currently settling at Libor plus 300 basis points, following some initial price talk of Libor plus 325 basis points, according to a market source.

The credit facility, which is slated to launch via a bank meeting on Nov. 4, consists of a $175 million six-year term loan and a $50 million five-year revolver.

UBS Investment Bank and JPMorgan are joint lead arrangers and bookrunners on the deal, with UBS listed on the left. Furthermore, Union Bank of California has already come in to the deal in the role of administrative agent, the source said.

Books on the deal were scheduled to go out on Friday.

Proceeds will be used to refinance existing debt.

Sola is a San Diego designer, manufacturer and global distributor of plastic and glass eyeglass lenses.

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