Samsonite launches $673 million term loan B at Libor plus 225-250 bps

By Sara Rosenberg

New York, Jan. 17 – Samsonite International SA launched on its lender call on Tuesday a repricing of its $673,312,500 term loan B (Ba2/BBB-) due Aug. 1, 2023 with price talk of Libor plus 225 basis points to 250 bps with no Libor floor and a par issue price, according to a market source.

The repriced term loan B has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Covenants include total net leverage and minimum interest coverage ratios.

Morgan Stanley Senior Funding Inc., HSBC Bank USA, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. and MUFG are the joint bookrunners on the deal.

Commitments/consents are due at noon ET on Jan. 24, the source added.

The repricing will take the term loan B down from Libor plus 325 bps with a 0.75% Libor floor.

Samsonite is a Hong Kong-based manufacturer of bags and luggage.

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