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
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 HSBC 25,202.67 100 7.14%
2 Deutsche Bank 25,125.19 81 7.12%
3 Bank of America Merrill Lynch 21,836.07 58 6.18%
4 BNP Paribas 18,395.95 105 5.21%
5 Credit Agricole CIB 18,048.72 104 5.11%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%