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
Email a colleague
Request a PDF

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
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%