Bloomberg News

EveryWare Said to Increase Rate on $150 Million Dividend Loan

March 02, 2012

EveryWare Inc. increased the interest rate it will pay on a $150 million term loan it’s seeking to fund a dividend to Monomoy Capital Partners LP, according to a person with knowledge of the transaction.

EveryWare is being created by private-equity firm Monomoy’s combination of its dinnerware manufacturer Oneida Ltd with Anchor Hocking LLC, a Lancaster, Ohio-based maker of vases and candle jars, said the person, who declined to be identified because the terms are private.

The debt will now mature in 5.5 years and pay interest at 7.75 percentage points more than the London interbank offered rate, up from 7 percentage points, the person said. The minimum on the lending benchmark will remain unchanged at 1.5 percent.

EveryWare is proposing to sell the loan at 98 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors.

Lenders are being offered call protection of 102 cents and 101 cents, the person said. That means EveryWare would pay 2 cents more than face value to replace the loan during the first year and 1 cent more than face value to refinance the debt during the second year.

Barclays Plc is arranging the financing, which also includes a $75 million asset-based revolving line of credit due in five years, according to data compiled by Bloomberg.

Monomoy purchased Anchor Hocking in March 2007 and Oneida in Nov. 2011, according to data compiled by Bloomberg. [bn:PRSN=7319989]

Daniel Collin [], a partner at Monomoy Capital, didn’t immediately respond to an e-mail seeking comment.

In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t.

To contact the reporter on this story: Michael Amato in New York at Mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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