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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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Sun Capital Partners, fresh off 14 acquisitions this year, plans to raise another fund once it finishes investing the rest of its current $500 million fund, said Jason Neimark, principal. There is still about $430 million left on the Sun Capital Partners III fund and it is still too soon to anticipate the size of the next one, he noted. The fund, which was raised last January, originally had more than $2 billion in commitments, he noted. The commitments are not being rolled over into a future fund. Participating in Sun Capital's funds are financial institutions, fund-of-funds investors, university endowments, pension funds, and high net worth individuals, families and trusts.
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UBS wrapped up a $175 million asset-based credit for Broder Bros. last week, said Howard Morof, cfo. The credit backs the sportswear distributor's acquisition of Alpha Shirt Company for $232 million from Linsalata Capital Partners, a Cleveland-based private equity firm (LMW, 7/28). Earlier this month, Broder Bros., which is majority owned by Boston-based private equity firm Bain Capital, also sold $175 million of seven-year, 111/4% notes to further finance the acquisition. Bain put about $76 million into the transaction, said Yoo Jin Kim, a principal at Bain.
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Citigroup and Bank of America launched syndication of the credit backing the $4.2 billion leveraged buyout of Ondeo Nalco to pro rata players last week, according to a banker familiar with the deal. The exact structure of the credit could not be confirmed, as one banker explained the breakdown is still not finalized. But market players said the facility will most likely have a "B" loan in the neighborhood of $1.1 billion and $300 million in pro rata. Price talk was estimated in the LIBOR plus 23/4-3% range. Retail syndication will be launched within the next few weeks, the banker noted.
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Citigroup and Harris Nesbitt--the U.S.-based investment and corporate banking practice of BMO Financial Group--wrapped up a $250 million credit for Seminis last Thursday after cutting pricing on the six-year, $190 million "B" loan. A banker familiar with the deal said the term loan was oversubscribed with more than $500 million in tickets received for the tranche, causing the lead arrangers to reduce pricing from the originally proposed LIBOR plus 31/2% level by 25 basis points. The institutional piece was offered at par. The credit also includes a five-year, $60 million revolver priced at LIBOR plus 3%, the banker added.
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Contrarian Capital Management is looking to build a direct lending business that invests in first and second-lien debt, marking the latest entry on a growing list of hedge funds jumping into the lending market. Hedge funds are positioning themselves to capitalize on the continued pullback of commercial banks from lending and the growing need for Chapter 11 exit and rescue financings. Soros Fund Management recently announced an initiative to target this space, while market participants cited Citadel Investment Group and SilverPoint Capital as becoming increasingly active.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.