UBS Launches Builders, MultiPlan

UBS and Bear Stearns last week launched syndication of a $405 million facility for JLL Partners' recapitalization of Builders FirstSource.

  • 13 Feb 2004
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UBS and Bear Stearns last week launched syndication of a $405 million facility for JLL Partners' recapitalization of Builders FirstSource. The facility comprises a five-year, $90 million revolver; a six-year, $150 million first-lien term loan; and six-and-a-half year, $165 million second-lien term loan. Price talk is LIBOR plus 3% on the first lien and LIBOR plus 6% on the second lien.

The company is a building products distributor. One loan investor said he is staying away from the credit because he does not like distributor businesses. "They have no real assets," he said. Another buysider said the deal looks interesting. He said leverage is two times through the first lien and 4.5 times through the second. UBS is acting as sole lead arranger and administrative agent while Bear Stearns serves as co-arranger and syndication agent. JLL acquired Builders in March 1998 from The Pulte Corp. Calls to Charles Horn, Builder's cfo, were not returned.

UBS also launched the financing backing MultiPlan's $213 million acquisition of US Health, a subsidiary of BCE Emergis Corp. The $200 million facility comprises a $20 million revolver and $180 million term loan. Both the revolver and term loan mature in 2009. Pricing could not be determined by press time. Pro forma EBITDA is expected to be around $73 million and closing leverage will be about 2.5 times. Calls to a MultiPlan spokeswoman were not returned.

  • 13 Feb 2004

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1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%