Thu 04/20/2023 17:52 PM
Share this article:
Cole Haan is exploring refinancing options of its outstanding debt, which includes a $250 million term loan and $75 million first lien secured notes, according to sources. Goldman Sachs hosted investor meetings with management last week, but lead arrangers have yet to be mandated.

The process is at an early stage, and terms and structure have yet to be finalized, sources said. However, investors say pricing could start at around SOFR+675 bps, 97 OID for the transaction. Leverage for the deal is about 4.5x based on LTM EBITDA of about $80 million.

The company refinanced its revolver last December, upsizing the line of credit by $5 million to $130 million while extending the maturity date of February 2024 to the earlier of Dec. 19, 2027, and 60 days before the the maturity date of the anticipated refinanced term loan, as reported.

The $290 million term loan due Feb. 12, 2025, was quoted today at 96/97, up from 92.5/94.5 at the beginning of this year, according to Solve Advisors. The ABL had $23 million outstanding as of Nov. 26, 2022, the end of the second quarter of fiscal 2023.

The company did not respond to an email request for comment.

--Adelene Lee
 
Share this article:
This article is an example of the content you may receive if you subscribe to a product of Reorg Research, Inc. or one of its affiliates (collectively, “Reorg”). The information contained herein should not be construed as legal, investment, accounting or other professional services advice on any subject. Reorg, its affiliates, officers, directors, partners and employees expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this publication. Copyright © 2024 Reorg Research, Inc. All rights reserved.
Thank you for signing up
for Weekly Insights!