Suiza Nears Finish Line, Adds One Last Step

  • 01 Jul 2001
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First Union's marathon $2.6 billion deal for Suiza Foods, backing the acquisition of Dean Foods, is almost over, but not until another $200 million is added. Cory Olson, treasurer, said documentation is still to be sent out and there is the potential to increase the line $200 million to $2.8 billion. Final closing is expected in late July, when secondary trading will begin, Olson added, declining all further comment until closing.

One banker following the deal said that the company wants the potential $200 million increase for the pro rata. "The company would like more banks to come in on the deal rather than shift from the oversubscribed institutional tranche," the banker commented. Another banker following the deal, said the pro rata has bagged approximately $1.9 billion and $1.4 billion has been committed on the institutional side. The loan consists of a six-year pro rata deck, comprised of an $800 million revolver and a $1.05 billion term loan "A", and a $750 million term loan "B". Pricing on the pro rata is LIBOR plus 21/2%, the spread on the "B" is LIBOR plus 3%. Bankers commented that the deal would trade up once it enters the secondary market.

  • 01 Jul 2001

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