S&S Holdings trims incremental term loan to $125 million, revises OID

By Sara Rosenberg

New York, Nov. 15 – S&S Holdings LLC downsized its fungible incremental first-lien term loan due March 11, 2028 to $125 million from $150 million and tightened the original issue discount to 99.25 from 98.5, according to a market source.

Pricing on the incremental term loan is Libor plus 500 basis points with a 0.5% Libor floor, in line with existing term loan pricing.

The incremental term loan has 101 soft call protection through March 2022.

Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Natixis and Truist are the bookrunners on the deal.

Recommitments are due at noon ET on Tuesday, the source said.

Proceeds will be used to fund a tuck-in acquisition.

The company continues to generate cash and has elected to use cash on hand to shrink the incremental debt raise, the source added.

S&S is a Bolingbrook, Ill.-based distributor of imprintable apparel and accessories.

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