Hartz Attempts Second Bite

  • 06 May 2001
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UBS Warburg and BNP Paribas have scheduled a bank meeting for May 9 to launch a $160 million reworked credit to finance J.W. Childs Associates' acquisition of The Hartz Mountain Corporation. The attempted deal is the second throw of the dice following a failed syndication at the end of last year for the Secaucus, N.J.-based pet products business.

The deal is structured as a $35 million, five-year senior revolving credit facility and a $125 million seven-year senior amortizing term loan. The facilities are secured by a first-priority lien on substantially all of the tangible and intangible assets of the borrower and guarantor. Pricing will be LIBOR plus 31Ž 2% on the revolver, with a 50 basis points commitment fee, and LIBOR plus 4% on the term loan. An official with Hartz, commented that the previous syndication was struck by bad timing and that the banks and terms of the deal are similar. Covenants are standard, he noted. BNP and UBS agreed to do a fund-alone deal with the sponsors, he said, adding that syndication should be completed towards the end of May.

  • 06 May 2001

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

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2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%