Shoes for Crews launches $233 million term B at Libor plus 500 bps

By Sara Rosenberg

New York, Nov. 3 – Shoes for Crews launched on Tuesday its $233 million seven-year covenant-light first-lien term loan B (B2) with price talk of Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term B has 101 soft call protection for six months, the source said.

Commitments are due on Nov. 17.

The company’s $358 million credit facility also includes a $25 million six-year revolver (B2) and a $100 million second-lien term loan that was privately placed.

Antares Capital, Golub Capital and Macquarie Capital (USA) Inc. are the joint lead arrangers on the deal.

Proceeds will be used to back the recently completed buyout of the company by CCMP Capital Advisors LLC.

Shoes for Crews is a West Palm Beach, Fla.-based supplier of slip-resistant footwear for the workplace.

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