Advancing Eyecare allocates credit facilities; Imperial Dade readies incremental loan

By Sara Rosenberg

New York, May 31 – In new loan happenings on Tuesday, Advancing Eyecare priced and allocated its credit facilities during market hours.

Furthermore, Imperial Dade (BCPE Empire Holdings Inc.) joined this week’s new issue calendar with plans for an incremental first-lien term loan and announced price talk on the transaction.

Advancing Eyecare wraps

Advancing Eyecare completed its $250 million seven-year first-lien term loan and $50 million delayed-draw first-lien term loan at pricing of SOFR+CSA plus 575 basis points with a 0.5% floor and an original issue discount of 97.5, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan debt has 101 soft call protection for one year, the source continued.

The company’s $340 million of credit facilities (B3/B-) also include a $40 million five-year revolver.

Allocations went out on Tuesday.

UBS Investment Bank, Jefferies and Golub Capital are leading the deal that will be used to help fund the buyout of the company by Cornell Capital LLC from Atlantic Street Capital.

Closing is expected this quarter, subject to customary conditions.

Advancing Eyecare is a Jacksonville, Fla.-based provider of ophthalmic instruments.

Imperial on deck

Imperial Dade set a lender call for 10:30 a.m. ET on Wednesday to launch a non-fungible $650 million incremental first-lien term loan (B3/B-) due June 11, 2026 talked at SOFR+10 bps CSA plus 462.5 bps with a 0.5% floor, an original issue discount of 95 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on June 9, the source added.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Barclays, BMO Capital Markets, Citizens, Stifel and Brinley Partners are leading the deal that will be used to repay revolver borrowings and help fund the acquisition of a 45% equity stake in the company by Advent International from Bain Capital Private Equity.

Imperial Dade is a Jersey City, N.J.-based distributor of foodservice disposables and janitorial sanitation products.

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