OneSpaWorld unit gets $278.5 million first-, second-lien facilities

By Wendy Van Sickle

Columbus, Ohio, March 25 – Dory Intermediate LLC entered into senior secured credit facilities totaling $278.5 million on March 19, according to an 8-K filing with the Securities and Exchange Commission.

The new credit facilities were entered in connection with the closing of a combination between Haymaker Acquisition Corp. and OneSpaWorld under the name OneSpaWorld Holdings Ltd., which guarantees the credit facilities.

The credit facilities consist of a seven-year $208.5 million first-lien term loan facility, of which $20 million was borrowed at closing; a five-year $20 million first-lien revolving loan facility; a $5 million first-lien delayed-draw term loan facility; and an eight-year $25 million senior secured second-lien term loan facility.

Goldman Sachs Lending Partners LLC is the administrative agent for the first-lien facilities.

Cortland Capital Market Services LLC is the administrative agent for the second-lien facilities.

The revolver has a $5 million sublimit for letters of credit.

Borrowings under the first-lien facilities bear interest at Libor plus a margin of 400 basis points with a stepdown to 375 bps upon achievement of a leverage ratio at or below 2.75x. The revolver has a commitment fee of 50 bps, with a stepdown to 32.5 bps upon achievement of the 2.75x leverage ratio.

Loans outstanding under the second-lien term loan facility will accrue at Libor plus 750 bps.

Based in the Bahamas, OneSpaWorld provides a range of health, fitness, beauty and wellness services.

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