Bluestem Group has completed its acquisition of Orchard Brands Corporation for USD410 million in cash, subject to customary purchase price adjustments.
The transaction will broaden and diversify the customer base and retail capabilities of Bluestem Group’s wholly-owned subsidiary, Bluestem Brands, Inc.
The acquisition was funded with a combination of cash on-hand, a new term debt syndication, and a new asset-based lending facility. The term debt was underwritten by Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc., while Credit Suisse and U.S. Bank National Association led the asset based lending facility. Bluestem Group was advised by its financial adviser Morgan Stanley & Co. LLC and by its counsels Akin Gump Strauss Hauer & Feld LLP and Faegre Baker Daniels LLP. Orchard Brands was advised by its financial advisor Goldman Sachs and by its counsel Schulte Roth & Zabel.