Sportsman's Warehouse wraps $235 million in new term loans

By Sara Rosenberg

New York, Aug. 16 - Sportsman's Warehouse Inc. completed syndication of $235 million in six-year term loans, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The debt consists of a $185 million first-out first-lien term loan (B2/B) that is priced at Libor plus 600 basis points with a 1.25% Libor floor and an original issue discount of 99, and a $50 million last-out term loan (Caa1/CCC+) that is priced at Libor plus 1,075 bps with a 1.25% Libor floor and a discount of 98, the source said.

Both term loans have call protection of 102 in year one and 101 in year two.

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

Sportsman's Warehouse is a Midvale, Utah-based retailer of outdoor sporting goods.

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