Nellson, Atkins Get Flabby Together

Nellson Neutraceutical's bank debt has softened with the $285 million first-lien loan trading around 95-96 and the $75 million second lien quoted at 87.

  • 01 Apr 2005
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Nellson Neutraceutical's bank debt has softened with the $285 million first-lien loan trading around 95-96 and the $75 million second lien quoted at 87. Comparisons are now being made by traders between Nellson, an Irwindale, Calif.-based maker of dietary bars and supplements, and Atkins Nutritionals, which also traded last week at historically low levels. Atkins' $215 million first lien changed hands around 69 while the $78.5 million second lien was purchased at 17. "Same story as Atkins. It's a fad," a dealer charged.

"It's been offered below par for a while," one trader said of Nellson, which was bought by Fremont Partners in October 2002 with $160 million of financing and $155 million in equity. Since then the company has completed a $100 million add-on financing that was used to repurchase shares and acquire Montreal-based Bariatrix Products International (LMW, 2/20) UBS and Goldman Sachs lead the credit, which also comprises a $25 million revolver. Nellson's first lien and second lien are priced at LIBOR plus 3% and LIBOR plus 5 1/2%, respectively. The revolver is priced at LIBOR plus 4%. Officials at Nellson declined comment. Fremont officials did not return calls.

Atkins has also plummeted and there is now a fragmented lender group. Some lenders want sponsors Parthenon Capital and GS Capital Partners to contribute more equity, while one lender was pushing for a sale. Support for a sale is said to be rising in the lending group. Atkins' first and second-lien tranches are priced at LIBOR plus 3 1/4% and LIBOR plus 5 3/4%. The financing also includes a $25 million revolver, which is priced at LIBOR plus 3 1/2%. An Atkins spokesman has in the past declined to comment on the company's bank debt.

  • 01 Apr 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 JPMorgan 5,440.56 17 10.74%
2 Deutsche Bank 4,468.97 23 8.82%
3 UBS 3,742.72 17 7.39%
4 Citi 3,393.89 23 6.70%
5 Goldman Sachs 3,360.93 18 6.63%