OrthoLite makes investor-friendly changes to $200 million term loan

By Paul A. Harris

Portland, Ore., Oct. 4 – OrthoLite made investor-friendly changes to its $200 million term loan B on Tuesday, according to a market source.

The spread to Libor was set at 500 basis points, the wide end of the 475 bps to 500 bps spread talk.

The 1% Libor floor and an original issue discount of 99 remain unchanged.

The 101 soft call protection is increased to 12 months from six months.

Along with the spread and call changes, the borrower also brought an excess cash flow sweep that starts at 75% and steps down to 50% at 3.25 times total net leverage, to 25% at 2.5 times total net leverage and to 0% at 2 times total net leverage.

The company’s $212 million senior secured credit facility (B2) also includes a $12 million revolver.

Goldman Sachs Bank USA and Antares Capital are the leads on the deal.

Commitments were due on Tuesday afternoon.

Proceeds will be used to refinance existing debt and to fund a dividend.

OrthoLite is an Amherst, Mass.-based supplier and manufacturer of open-cell foam insoles to branded footwear companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.