UBS, GE Capital Rework ILC Deal

UBS and GE Capital lowered pricing on the $302.5 million facility for ILC Industries last week due to oversubscription.

  • 26 Aug 2005
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UBS and GE Capital lowered pricing on the $302.5 million facility for ILC Industries last week due to oversubscription. The facility, which pays a $156 million dividend to sponsor Behrman Capital and refinances existing debt, closed last Wednesday.

Pricing on the six-year, $30 million revolver and a six-and-a-half-year, $195 million first-lien term loan was flexed down to LIBOR plus 2 1/2% from LIBOR plus 2 3/4%. A pricing grid that steps pricing down to LIBOR plus 2 1/4% when leverage is 4.75 times or below was also added to the first lien. Pricing on the seven-year, $77.5 million second lien was flexed down to LIBOR plus 5 3/4% from LIBOR plus 6 1/2%.

Grant Behrman, founder and managing partner of Behrman Capital, previously told Credit Investment News that he felt ILC had grown significantly since the private equity fund took it over in 2003. EBITDA rose from $36 million at the time of the acquisition to about $60 million today. Behrman could not be reached for comment on the revamped pricing.

  • 26 Aug 2005

GlobalCapital European securitization league table

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1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
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4 Goldman Sachs 2,615 4 6.46
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