Outerstuff to launch $255 million credit facility on Wednesday

By Sara Rosenberg

New York, July 8 – Outerstuff LLC is set to hold a bank meeting at 1:30 p.m. ET in New York on Wednesday to launch a $255 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the lead banks on the deal.

The facility consists of a $100 million ABL revolver and a $155 million seven-year first-lien covenant-light term loan, the source said.

The term loan has 101 soft call protection for one year.

Proceeds will be used to help fund Blackstone’s purchase of a 49% equity interest in the company.

Commitments are due on July 23, the source added.

Outerstuff is a New York-based designer, manufacturer and marketer of licensed children’s sports apparel for all of the major sports leagues in North America.

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