GE, Wachovia Ready Acosta Add-On

A bank meeting is scheduled for tomorrow to launch a $200 million add-on "B" loan for Acosta Sales Co. Proceeds will be used to pay a $200 million dividend.

  • 09 Jul 2004
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A bank meeting is scheduled for tomorrow to launch a $200 million add-on "B" loan for Acosta Sales Co. Proceeds will be used to pay a $200 million dividend. GE Capital and Wachovia Securities are leading the "B" loan. GE is the agent on the company's existing $80 million revolver.

Management owns 52% of the company, while Chartwell Capital and Berkshire Partners own 48%. Acosta provides sales and marketing services to consumer products manufacturers. Chartwell officials; Josh Lutzker, a principal at Berkshire; and Gregory Delaney, Acosta's cfo, did not return calls. GE and Wachovia bankers either declined comment or did not return calls.

 

  • 09 Jul 2004

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