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
  • 23 Jan 2017
1 Citi 35,941.13 111 8.93%
2 Barclays 31,588.47 86 7.85%
3 JPMorgan 27,799.55 107 6.91%
4 Bank of America Merrill Lynch 27,706.86 75 6.88%
5 HSBC 21,949.38 82 5.45%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%