Traeger launches $685 million of credit facilities to investors

By Sara Rosenberg

New York, June 14 – Traeger (TGP Holdings III LLC) was scheduled to hold a lender call at 12:30 p.m. ET on Monday to launch $685 million of credit facilities (B2/B), according to a market source.

The facilities consist of a $125 million revolver, a $510 million seven-year first-lien term loan and a $50 million delayed-draw first-lien term loan.

Price talk on the term loan debt is Libor plus 400 basis points with a 0.75% Libor floor and an original issue discount of 99 to 99.5, the source said.

The term loan debt has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., MUFG, Jefferies LLC, BMO Capital Markets and RBC Capital Markets are the lead arrangers on the deal.

Commitments are due at noon ET on June 24, the source added.

Proceeds will be used to refinance existing debt, fund cash to the balance sheet, and pay related fees and expenses.

Traeger is a Salt Lake City-based designer and marketer of outdoor cooking products.

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