SVP Worldwide finalizes $370 million term loan OID at 93

By Sara Rosenberg

New York, July 27 – SVP Worldwide set the original issue discount on its $370 million seven-year term loan B at 93, the midpoint of revised talk of 92 to 94 and wide of initial talk of 98, according to a market source.

Pricing on the term loan is Libor plus 675 basis points with a 0.75% Libor floor.

The term loan is non-callable for one year, then has a hard call of 103 in year two and 101 in year three.

Earlier in syndication, the term loan was upsized from $350 million, pricing was increased from talk in the range of Libor plus 550 bps to 575 bps, and the call protection was changed from a 101 soft call for six months.

BofA Securities Inc. is the lead on the deal.

Proceeds will be used to help fund the buyout of the company by Platinum Equity, and the funds from the recent upsizing will be used to cover the original issue discount.

Closing is expected in the third quarter.

SVP is a Nashville-based sewing machine company.

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