Outerstuff sets spread on $155 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, July 24 – Outerstuff LLC firmed pricing on its $155 million seven-year first-lien covenant-light term loan (B2/B+) at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

The company’s $255 million credit facility also includes a $100 million ABL revolver (BB).

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

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

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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