Shoes for Crews launches $25 million add-on term loan at 99.5 OID

By Sara Rosenberg

New York, Jan. 11 – Shoes for Crews launched on Wednesday its fungible $25 million add-on first-lien term loan with original issue discount talk of 99.5, according to a market source.

The add-on loan is priced at Libor plus 500 basis points with a 1% Libor floor.

Antares Capital is the lead on the deal.

Commitments are due on Jan. 18, the source said.

Proceeds will be used to fund the acquisition of the SureGrip Footwear subsidiary of Genesco.

Shoes for Crews is a West Palm Beach, Fla.-based supplier of slip-resistant footwear for the workplace. SureGrip is a marketer of occupational, slip-resistant footwear for the hospitality, grocery, foodservice, health care and industrial markets.

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