Snap One launches $465 million term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, Nov. 9 – Snap One Holdings Corp. launched on Tuesday its $465 million seven-year senior secured covenant-lite first-lien term loan B (B) with price talk of Libor plus 400 basis points with a 25 bps step-down at 3.25x first-lien net leverage, a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Jefferies LLC, UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, Raymond James and Truist are the joint lead arrangers and bookrunners on the deal. Morgan Stanley is the administrative agent.

Commitments are due at noon ET on Nov. 23, the source added.

Proceeds will be used to refinance existing debt and pay related fees and expenses.

Snap One is a Charlotte, N.C.-based provider of a suite of products, services and software to professional do-it-for-me integrators.

© 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.