Jefferies Launches Kohlberg's Thilmany LBO

Jefferies & Co. is leading the bank debt backing Kohlberg & Co.'s leveraged buyout of Thilmany, which is the specialty papers business of International Paper.

  • 13 May 2005
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Jefferies & Co. is leading the bank debt backing Kohlberg & Co.'s leveraged buyout of Thilmany, which is the specialty papers business of International Paper. Jefferies Babson Finance is the agent on the credit and the bank meeting to launch syndication was held last Thursday. The credit consists of a $145 million "B" loan and a $30 million revolver. Kohlberg specializes in middle-market businesses.

The leverage is 3.3 times all senior. EBITDA is estimated at $45 million on revenue of about $450 million, said a banker. Pricing had not been announced but expected ratings are B2/B.

Specialty papers is a manufacturer of lightweight and pressure sensitive papers and converted products used in pressure sensitive labels, food and industrial packaging, industrial sealants and tapes, and consumer hygiene products. An International Paper spokeswoman did not return calls.

Jefferies and Babson announced a joint venture last October to lend up to $2.5 billion to middle-market companies. Carl Toriello is the senior managing director and head loan officer at the joint venture, which has been capitalized with $250 million of equity.

  • 13 May 2005

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2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

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