Bear Stearns Leads Two$50m Add-Ons

Bear Stearns is in the market with two $50 million add-ons for an acquisition by Roundy's Supermarkets and a dividend by Butler Animal Health Supply.

  • 12 Jan 2007
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Bear Stearns is in the market with two $50 million add-ons for an acquisition by Roundy's Supermarkets and a dividend by Butler Animal Health Supply. The bank is holding a conference call tomorrow for the add-on to the existing $750 million term loan for Roundy's. Pricing could not be determined by press time.

The Milwaukee, Wis.-based regional supermarket chain entered into the existing credit in November 2005 as part of a recapitalization. The deal originally consisted of a $125 million revolver and the $750 million term loan, both priced at LIBOR plus 3%, according to a banker. The add-on will be used to acquire five stores under the Jewel-Osco name from SUPERVALU. SUPERVALU is seeking strategic alternatives for the remaining 10 Jewel-Osco properties it acquired during the May 2006 acquisition of Albertson's (CIN, 5/5). Calls to a company spokeswoman were not returned.

Bear Stearns is already in the market with the add-on for Dublin, Ohio-based Butler. The deal increases the existing $142 million first-lien term loan by $20 million and adds another $30 million to the existing $25 million second lien. Pricing is unchanged from the existing deal, at LIBOR plus 2 3/4% on the first lien and LIBOR plus 6% on the second lien, according to a banker. Butler, a distributor of animal health supplies to veterinarians, is using the add-on to pay a $50 million dividend to private equity firms Oak Hill Capital and the Darby Group. Calls to spokesmen for the firms were not returned. A Butler representative could not be reached.

  • 12 Jan 2007

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