Content area
Full Text
BNP Paribas launched syndication last Tuesday of a $151 million credit backing the $245 million buyout of BMP/CEI Holdings, the parent company of Holmdel, N.J.-based Cosmetic Essence, by Canada- based Onex Partners. The credit includes a six-year, $25 million revolver and a $90 million first lien term loan, both priced at Libor plus 325 basis points (bps), as well as a seven-year, $36 million second lien loan priced at Libor plus 700 bps. The first lien loan was fully subscribed by press time last Thursday, according to a banker, while the revolver was halfway filled. Several existing lenders joined the new deal, along with lenders that were familiar with the company, he noted.
Cosmetic Essence's existing credit facility includes a $35 million revolver, an $18 million term loan A and a $36 million term loan B. Past relationship banks of Cosmetic Essence include JP Morgan and Antares Capital Corp.
Cosmetic Essence, majority owned by the Brockway Moran & Partners Fund, is expected to generate $209 million in revenue for all of 2004.
CSFB, UBS Shop Repricing
For Harbor Freight Tools
Credit Suisse First Boston and UBS were scheduled to launch a repricing last Friday for Harbor Freight Tools' $440 million term loan, by which the bank duo is aiming to lower the tranche's spread by 50 bps from Libor plus 275 bps to Libor plus 225 bps.
CSFB and UBS only just closed out the term loan this past July as part of a $490 million recapitalization credit for the Florida- based tool and equipment catalogue retailer. This credit included the six-year, $440 million term loan B as well as a five-year, $50 million revolver, which is also currently priced at Libor plus 275 bps.
Wachovia Leads GenCorp Recap
Wachovia Securities is leading a $175 million recapitalization facility for GenCorp, a Sacramento, Calif.-based technology-based manufacturer of aerospace and defense products. The deal comprises a $75 million revolver due 2009 and a $100 million term loan due 2010, which comprises a $25 million term loan subfacility and a $75 million letter of credit subfacility. The credit facility will be secured by a first priority pledge of capital stock of certain GenCorp subsidiaries...