Melissa & Doug withdraws $260 million first-lien term loan

By Sara Rosenberg

New York, April 3 – Melissa & Doug (MND Holdings III Corp.) pulled its $260 million first-lien term loan due June 2026 from market, according to a market source.

The deal had filled out, but the company elected to go with a direct solution that provided for a longer dated tenor, the source said.

Pricing on the term loan was talked at SOFR+15 basis points CSA plus 550 bps with a 100 bps PIK coupon step-up if the corporate rating was Caa1, a 1% floor, an original issue discount of 95 and 101 soft call protection for six months.

The PIK step-up was added during syndication.

Credit Suisse Securities (USA) LLC was the left lead arranger on the deal.

Proceeds from the term loan were going to be used to extend an existing term loan due June 2024 that is priced at SOFR+15 bps CSA plus 350 bps with a 1% floor.

Melissa & Doug is a Wilton, Conn.-based specialty toy brand with an educational focus.

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