BofA, Others Commit to $100 Million Facility for Tile Shop
Tile Shop Holdings, Inc., a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories, announced the closing of a $100 million senior secured credit facility.
The company’s bank group was led by Bank of America as administrative agent, Bank of America Merrill Lynch as sole lead arranger and sole book manager, and Huntington National Bank as syndication agent.
The new facility is comprised of a five-year $25 million term loan along with a $75 million revolving line of credit. The company expects to eliminate approximately $70 million of outstanding notes payable with borrowings under this credit facility. Borrowings under the facility will bear interest at either a base rate plus 0.75% to 1.25% or a LIBOR-based rate plus 1.75% to 2.25%, at the option of the company, subject to the leverage ratio of the company