Samsonite finalizes $665 million term loan B at Libor plus 175 bps

By Sara Rosenberg

New York, April 19 – Samsonite International SA firmed pricing on its $665 million seven-year covenant-light term loan B (Ba1/BBB-) at Libor plus 175 basis points, the low end of the Libor plus 175 bps to 200 bps talk, according to a market source.

Also, the original issue discount on the term loan was changed to 99.875 from 99.75, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

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

Commitments were scheduled to be due at noon ET on Thursday, the source added.

Proceeds will be used to refinance an existing term loan B.

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

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