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Authentic Brands talks $100 million term loan at 99.5-99.75 OID
By Sara Rosenberg
New York, Oct. 16 – Authentic Brands Group LLC (ABG Intermediate Holdings 2 LLC) launched on Tuesday its $100 million incremental covenant-light first-lien term loan due Sept. 29, 2024 with original issue discount talk of 99.5 to 99.75, according to a market source.
Pricing on the incremental term loan matches existing first-lien term loan pricing at Libor plus 350 basis points with a 1% Libor floor, the source said.
The incremental term loan has 101 soft call protection for six months.
Bank of America Merrill Lynch, Barclays and KeyBanc Capital Markets are the lead arrangers on the deal.
Commitments are due at noon ET on Thursday.
Proceeds will be used to fund the acquisition of Vince Camuto and associated fees and expenses, to provide liquidity for the potential Heritage Home Group transaction and for other corporate purposes.
Authentic Brands is buying a majority stake in the intellectual property of the proprietary brands of Camuto Group, a footwear and accessories organization, in partnership with DSW Inc., a footwear and accessories retailer, for about $375 million. Authentic Brands will own 60% of Camuto and DSW will own 40%.
Regarding home furnishings manufacturer and retailer Heritage Home, Authentic Brands and SB360 Capital Partners LLC are the stalking horse bidder for Heritage Home’s Broyhill and Thomasville & Co. brands; however, there will be an auction supervised by the bankruptcy court that could result in other offers.
Authentic Brands is a New York-based acquirer and manager of consumer brands in the fashion, sports and celebrity/entertainment sectors.
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