Bloomberg News

Cole Haan Seeks $270 Million Term Loan B for Apax Buyout

January 07, 2013

Cole Haan Inc., a designer and retailer of premium footwear, is seeking a $270 million term loan B backing its buyout by Apax Partners Inc., according to a person with knowledge of the transaction.

Jefferies Group Inc. is arranging the financing which will also include a $100 million asset-based revolving line of credit, said the person, who asked not to be identified because the information is private. The bank will hold a lender meeting on Jan. 11.

Leverage, or debt to earnings before interest, taxes, depreciation and amortization, will be 4.25 times, said the person.

Apax is acquiring the New York-based company from Nike Inc. (NKE:US) for $570 million in cash and the buyout firm will make an equity investment of $300 million, according to the person.

Todd Fogarty, a spokesman for Apax, didn’t immediately respond to an e-mail seeking comment.

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Chapin Wright at cwright4@bloomberg.net


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Companies Mentioned

  • NKE
    (NIKE Inc)
    • $74.03 USD
    • 0.93
    • 1.26%
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